PNC Financial Services Group Inc. Sells 41,044 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in Plains All American Pipeline by 20.8%, owning 156,099 shares valued at approximately $3.12 million after selling 41,044 shares.
• Several institutional investors, including Farther Finance Advisors LLC and CWM LLC, increased their holdings in Plains All American Pipeline, reflecting a growing interest with 41.78% of the stock currently owned by institutional investors.
• Analysts have mixed ratings on Plains All American Pipeline stock, with a consensus rating of "Hold" and a price target around $20.75, while the company recently reported $0.36 EPS for the quarter, exceeding estimates.

PNC Financial Services Group Inc. trimmed its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 20.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 156,099 shares of the pipeline company's stock after selling 41,044 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Plains All American Pipeline were worth $3,122,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Commerce Bank acquired a new stake in Plains All American Pipeline in the 1st quarter worth approximately $1,009,000. Pasadena Private Wealth LLC acquired a new stake in shares of Plains All American Pipeline during the first quarter worth $593,000. LPL Financial LLC lifted its stake in shares of Plains All American Pipeline by 38.5% during the first quarter. LPL Financial LLC now owns 616,996 shares of the pipeline company's stock worth $12,340,000 after buying an additional 171,559 shares during the period. Texas Yale Capital Corp. increased its holdings in Plains All American Pipeline by 15.6% in the first quarter. Texas Yale Capital Corp. now owns 581,263 shares of the pipeline company's stock valued at $11,625,000 after buying an additional 78,650 shares in the last quarter. Finally, Prossimo Advisors LLC increased its holdings in Plains All American Pipeline by 6.6% in the first quarter. Prossimo Advisors LLC now owns 12,343 shares of the pipeline company's stock valued at $247,000 after buying an additional 764 shares in the last quarter. 41.78% of the stock is currently owned by institutional investors.

Plains All American Pipeline Stock Down 0.9%

Shares of Plains All American Pipeline stock traded down $0.16 on Tuesday, hitting $17.56. 821,048 shares of the company's stock traded hands, compared to its average volume of 3,586,215. The stock has a market cap of $12.35 billion, a P/E ratio of 24.06 and a beta of 0.73. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The firm's 50-day moving average is $18.21 and its 200 day moving average is $18.45. Plains All American Pipeline, L.P. has a 52-week low of $15.57 and a 52-week high of $21.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its earnings results on Friday, August 8th. The pipeline company reported $0.36 earnings per share (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%. The company's quarterly revenue was down 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 EPS. Equities analysts anticipate that Plains All American Pipeline, L.P. will post 1.52 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date of this dividend is Thursday, July 31st. Plains All American Pipeline's dividend payout ratio (DPR) is presently 172.73%.

Wall Street Analysts Forecast Growth

PAA has been the subject of several recent analyst reports. Barclays reissued an "underweight" rating on shares of Plains All American Pipeline in a report on Friday. Morgan Stanley reiterated an "equal weight" rating on shares of Plains All American Pipeline in a research note on Friday. Wells Fargo & Company lowered shares of Plains All American Pipeline from an "overweight" rating to an "equal weight" rating in a research report on Friday, May 9th. Mizuho set a $22.00 price objective on shares of Plains All American Pipeline and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen upgraded shares of Plains All American Pipeline from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $20.75.

Plains All American Pipeline Company Profile

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.