Adams Asset Advisors LLC Grows Stake in Plains All American Pipeline, L.P. $PAA

Key Points

• Adams Asset Advisors LLC increased its holdings in Plains All American Pipeline by 3.2%, now owning 787,922 shares valued at $14.4 million, making it the fund's 8th largest position.
• The company announced a quarterly dividend of $0.38 per share, yielding 8.7%, with a notably high dividend payout ratio of 172.73%.
• Analysts have mixed ratings on Plains All American Pipeline, with a consensus rating of "Hold" and a target price of $20.58, amidst a mixed performance in revenue and earnings.

Adams Asset Advisors LLC lifted its position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 787,922 shares of the pipeline company's stock after buying an additional 24,750 shares during the quarter. Plains All American Pipeline makes up 2.0% of Adams Asset Advisors LLC's holdings, making the stock its 8th largest holding. Adams Asset Advisors LLC owned about 0.11% of Plains All American Pipeline worth $14,435,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Invesco Ltd. grew its holdings in Plains All American Pipeline by 6.4% in the first quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company's stock valued at $591,988,000 after purchasing an additional 1,771,452 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Plains All American Pipeline by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company's stock valued at $422,894,000 after buying an additional 1,524,185 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Plains All American Pipeline by 7.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,463,963 shares of the pipeline company's stock worth $329,279,000 after purchasing an additional 1,166,369 shares during the period. BROOKFIELD Corp ON increased its holdings in Plains All American Pipeline by 50.2% during the 1st quarter. BROOKFIELD Corp ON now owns 5,698,359 shares of the pipeline company's stock worth $113,967,000 after purchasing an additional 1,904,261 shares during the period. Finally, Miller Howard Investments Inc. NY increased its holdings in shares of Plains All American Pipeline by 9.6% in the 1st quarter. Miller Howard Investments Inc. NY now owns 2,861,430 shares of the pipeline company's stock valued at $57,229,000 after acquiring an additional 250,558 shares during the last quarter. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PAA shares. Zacks Research raised Plains All American Pipeline to a "hold" rating in a research report on Monday, August 11th. Morgan Stanley reduced their target price on Plains All American Pipeline from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 26th. Scotiabank reaffirmed an "outperform" rating on shares of Plains All American Pipeline in a research report on Monday, September 8th. Citigroup set a $18.00 price objective on Plains All American Pipeline and gave the company a "neutral" rating in a report on Friday, August 8th. Finally, 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 report on Thursday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $20.58.

Plains All American Pipeline Stock Down 1.8%

Shares of NYSE:PAA traded down $0.31 during midday trading on Friday, hitting $17.11. The stock had a trading volume of 957,064 shares, compared to its average volume of 3,446,247. 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 business's 50-day simple moving average is $17.92 and its 200-day simple moving average is $17.98. 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 market cap of $12.03 billion, a P/E ratio of 23.41 and a beta of 0.80.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last announced its earnings results on Friday, August 8th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The business's revenue for the quarter was down 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 earnings per share. On average, sell-side analysts forecast 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 announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.9%. Plains All American Pipeline's dividend payout ratio (DPR) is currently 172.73%.

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.