Plains All American Pipeline Lp $PAA Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Plains All American Pipeline stake by 22% in the second quarter, selling 89,556 shares and retaining 317,624 shares valued at approximately $7.07 million.
• Other major institutions increased their positions, including Brookfield, which boosted its stake by 428.2%, while institutional investors collectively own 41.78% of PAA’s shares.
• Analysts maintain a consensus “Hold” rating with a $24.54 target price. PAA reported quarterly EPS of $0.41 versus the $0.50 estimate, but revenue rose 66.3% year over year; its quarterly dividend was $0.4175, representing a 6.6% annualized yield.

Corient Private Wealth LP cut its holdings in Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 22.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 317,624 shares of the company's stock after selling 89,556 shares during the quarter. Corient Private Wealth LP's holdings in Plains All American Pipeline were worth $7,070,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its holdings in shares of Plains All American Pipeline by 17.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock valued at $360,097,000 after acquiring an additional 3,033,216 shares in the last quarter. BROOKFIELD Corp ON raised its position 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 during the last quarter. Infrastructure Capital Advisors LLC boosted its stake in Plains All American Pipeline by 4.4% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company's stock worth $69,000,000 after purchasing an additional 130,164 shares in the last quarter. Cohen & Steers Inc. boosted its stake in Plains All American Pipeline by 97.9% in the 4th quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company's stock worth $44,941,000 after purchasing an additional 1,237,877 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Plains All American Pipeline by 1.9% during the 4th quarter. BNP Paribas Financial Markets now owns 1,684,860 shares of the company's stock worth $30,260,000 after purchasing an additional 31,093 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. UBS Group restated a "buy" rating on shares of Plains All American Pipeline in a research note on Tuesday, June 16th. Citigroup boosted their price objective on shares of Plains All American Pipeline from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday. Zacks Research raised Plains All American Pipeline from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. Weiss Ratings raised Plains All American Pipeline from a "buy (b-)" rating to a "buy (b+)" rating in a research report on Tuesday, August 25th. Finally, Morgan Stanley raised their target price on Plains All American Pipeline from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Plains All American Pipeline currently has a consensus rating of "Hold" and a consensus target price of $24.54.

Plains All American Pipeline Stock Performance

PAA opened at $25.41 on Friday. Plains All American Pipeline Lp has a 12-month low of $15.69 and a 12-month high of $26.39. 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 firm has a market capitalization of $17.93 billion, a PE ratio of 7.04, a P/E/G ratio of 8.90 and a beta of 0.52. The firm has a 50 day moving average of $24.57 and a two-hundred day moving average of $23.00.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.09). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The business had revenue of $17.69 billion during the quarter. During the same quarter in the prior year, the business earned $0.36 earnings per share. Plains All American Pipeline's revenue was up 66.3% on a year-over-year basis. On average, analysts anticipate that Plains All American Pipeline Lp will post 1.75 EPS for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend was Friday, July 31st. Plains All American Pipeline's dividend payout ratio is presently 46.26%.

About Plains All American Pipeline

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides transportation, storage, gathering, logistics and related services for crude oil and natural gas liquids (NGLs). The company generally does not produce oil or gas; instead, it helps move and manage hydrocarbons from producing regions to refineries, processing facilities, export terminals and other end markets.

Plains operates an extensive network of pipelines, gathering systems, storage facilities, rail and truck transportation assets, and terminals.

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