Eagle Global Advisors LLC Sells 427,936 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Key Points

• Eagle Global Advisors LLC reduced its holdings in Plains All American Pipeline by 9.2%, now holding approximately 4.2 million shares, making it the company's 6th largest position.
• Plains All American Pipeline reported $0.36 earnings per share for the last quarter, exceeding expectations, although its revenue decreased by 16.6% year-over-year.
• The company announced a quarterly dividend of $0.38, representing an annualized yield of 8.5% with a dividend payout ratio of 172.73%.

Eagle Global Advisors LLC trimmed its position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,238,249 shares of the pipeline company's stock after selling 427,936 shares during the quarter. Plains All American Pipeline makes up about 3.5% of Eagle Global Advisors LLC's investment portfolio, making the stock its 6th largest holding. Eagle Global Advisors LLC owned approximately 0.60% of Plains All American Pipeline worth $84,765,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC lifted its holdings in shares of Plains All American Pipeline by 107.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,271 shares of the pipeline company's stock valued at $26,000 after buying an additional 657 shares during the last quarter. National Bank of Canada FI bought a new position in shares of Plains All American Pipeline in the 4th quarter valued at approximately $27,000. North Capital Inc. bought a new position in shares of Plains All American Pipeline in the 1st quarter valued at approximately $61,000. Creative Financial Designs Inc. ADV bought a new position in shares of Plains All American Pipeline in the 1st quarter valued at approximately $68,000. Finally, Cheviot Value Management LLC bought a new position in shares of Plains All American Pipeline in the 1st quarter valued at approximately $71,000. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $20.00 price target on shares of Plains All American Pipeline in a research report on Friday, May 16th. Citigroup set a $18.00 price target on Plains All American Pipeline and gave the stock a "neutral" rating in a research report on Friday, August 8th. Wall Street Zen raised Plains All American Pipeline from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Mizuho set a $22.00 price target on Plains All American Pipeline and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Finally, UBS Group set a $25.00 price target on Plains All American Pipeline and gave the stock a "buy" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $20.75.

Plains All American Pipeline Price Performance

Plains All American Pipeline stock traded up $0.12 during mid-day trading on Wednesday, reaching $17.78. 4,813,290 shares of the company were exchanged, compared to its average volume of 3,604,248. The company has a fifty day simple moving average of $18.24 and a 200-day simple moving average of $18.44. Plains All American Pipeline, L.P. has a 12 month low of $15.57 and a 12 month high of $21.00. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market cap of $12.50 billion, a PE ratio of 24.36 and a beta of 0.73.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The pipeline company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%. During the same quarter last year, the firm posted $0.31 EPS. The business's quarterly revenue was down 16.6% compared to the same quarter last year. As a group, equities research analysts expect that Plains All American Pipeline, L.P. will post 1.52 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.5%. Plains All American Pipeline's payout ratio is currently 172.73%.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.