NEOS Investment Management LLC Grows Stake in Plains All American Pipeline Lp $PAA

Key Points

• NEOS Investment Management increased its Plains All American Pipeline stake by 34.6% in the second quarter, purchasing 199,296 shares for a total of 774,913 shares valued at approximately $17.25 million. Institutional investors collectively own 41.78% of PAA.
• Plains reported quarterly EPS of $0.41, below the $0.50 analyst consensus, while revenue rose 66.3% year over year to $17.69 billion. The company maintains a quarterly dividend of $0.4175, equal to an annualized yield of about 6.5%.
• PAA shares recently traded near $25.70, close to their one-year high of $25.97. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $24.08.

NEOS Investment Management LLC lifted its position in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 34.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 774,913 shares of the company's stock after purchasing an additional 199,296 shares during the period. NEOS Investment Management LLC owned about 0.11% of Plains All American Pipeline worth $17,250,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its stake in shares of Plains All American Pipeline by 17.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock valued at $360,097,000 after purchasing an additional 3,033,216 shares during the period. BROOKFIELD Corp ON lifted its stake in shares of Plains All American Pipeline by 428.2% in the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company's stock valued at $82,430,000 after purchasing an additional 2,992,549 shares in the last quarter. Morgan Stanley increased its holdings in Plains All American Pipeline by 40.2% in the 4th quarter. Morgan Stanley now owns 9,881,248 shares of the company's stock valued at $177,467,000 after purchasing an additional 2,833,161 shares in the last quarter. Cohen & Steers Inc. raised its stake in shares of Plains All American Pipeline by 97.9% during the fourth quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company's stock valued at $44,941,000 after purchasing an additional 1,237,877 shares during the period. Finally, BROOKFIELD Corp ON increased its position in shares of Plains All American Pipeline by 18.9% during the second quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the company's stock worth $124,112,000 after acquiring an additional 1,076,291 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company's stock.

Plains All American Pipeline Stock Performance

Shares of NASDAQ PAA opened at $25.70 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. The business has a fifty day simple moving average of $23.98 and a 200 day simple moving average of $22.66. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 7.12, a PEG ratio of 8.83 and a beta of 0.52. Plains All American Pipeline Lp has a one year low of $15.69 and a one year high of $25.97.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.09). Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%.The company had revenue of $17.69 billion during the quarter. During the same period in the previous year, the firm posted $0.36 earnings per share. The company's quarterly revenue was up 66.3% compared to the same quarter last year. Sell-side analysts expect that Plains All American Pipeline Lp will post 1.77 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $0.4175 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. Plains All American Pipeline's payout ratio is currently 46.26%.

Analyst Ratings Changes

Several brokerages have weighed in on PAA. Wall Street Zen lowered shares of Plains All American Pipeline from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. Scotiabank increased their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their price objective on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. Barclays lifted their price target on Plains All American Pipeline from $21.00 to $23.00 and gave the stock an "underweight" rating in a research note on Thursday, July 16th. Finally, US Capital Advisors downgraded Plains All American Pipeline from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Plains All American Pipeline has a consensus rating of "Hold" and a consensus target price of $24.08.

About Plains All American Pipeline

Plains All American Pipeline NASDAQ: PAA is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.

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