CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 38,805 Shares of Plains All American Pipeline, L.P. $PAA

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its holdings in Plains All American Pipeline by 21.1%, owning 145,300 shares valued at approximately $2.66 million after selling 38,805 shares in Q2.
• Analysts have a consensus rating of "Hold" for Plains All American Pipeline, with a target price of $20.58, though ratings vary from "Strong Buy" to "Sell".
• The company declared a quarterly dividend of $0.38 per share, translating to an annual yield of 8.9%, with a payout ratio of 172.73%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 21.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 145,300 shares of the pipeline company's stock after selling 38,805 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Plains All American Pipeline were worth $2,662,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in 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 worth $26,000 after purchasing an additional 657 shares in the last quarter. Capital Advisory Group Advisory Services LLC raised its position in shares of Plains All American Pipeline by 2.5% during the 1st quarter. Capital Advisory Group Advisory Services LLC now owns 28,450 shares of the pipeline company's stock valued at $569,000 after acquiring an additional 685 shares in the last quarter. Prossimo Advisors LLC increased its position 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 worth $247,000 after buying an additional 764 shares during the period. Financial Sense Advisors Inc. increased its position in Plains All American Pipeline by 4.8% in the first quarter. Financial Sense Advisors Inc. now owns 16,793 shares of the pipeline company's stock worth $336,000 after buying an additional 766 shares during the period. Finally, Clarus Group Inc. increased its position in Plains All American Pipeline by 0.9% in the first quarter. Clarus Group Inc. now owns 92,330 shares of the pipeline company's stock worth $1,847,000 after buying an additional 803 shares during the period. Institutional investors and hedge funds own 41.78% of the company's stock.

Plains All American Pipeline Stock Performance

Shares of PAA traded down $0.14 during mid-day trading on Monday, reaching $16.88. The company's stock had a trading volume of 2,275,339 shares, compared to its average volume of 3,449,001. Plains All American Pipeline, L.P. has a 1-year low of $15.57 and a 1-year high of $21.00. The stock has a market cap of $11.87 billion, a P/E ratio of 23.12 and a beta of 0.80. The business has a 50-day simple moving average of $17.84 and a two-hundred day simple moving average of $17.93. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The pipeline company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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 period in the previous year, the firm posted $0.31 earnings per share. Plains All American Pipeline's revenue was down 16.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Plains All American Pipeline, L.P. will post 1.52 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date of this dividend was Thursday, July 31st. Plains All American Pipeline's dividend payout ratio (DPR) is presently 172.73%.

Analyst Ratings Changes

PAA has been the subject of several research reports. Mizuho set a $22.00 target price on Plains All American Pipeline and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Scotiabank reiterated an "outperform" rating on shares of Plains All American Pipeline in a research report on Monday, September 8th. UBS Group set a $25.00 price target on Plains All American Pipeline and gave the company a "buy" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. decreased their price objective on Plains All American Pipeline from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, Citigroup set a $18.00 price objective on Plains All American Pipeline and gave the stock a "neutral" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $20.58.

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.