SCS Capital Management LLC Purchases New Position in Plains All American Pipeline, L.P. $PAA

Key Points

• SCS Capital Management LLC has invested approximately $699,000 in Plains All American Pipeline, L.P. by acquiring 34,947 shares during the first quarter.
• Several institutional investors have increased their stakes in Plains All American Pipeline, with hedge funds owning 41.78% of the company's stock.
• Analysts have set a consensus rating of "Hold" for PAA, with an average price target of $20.58, as recent updates from research firms reflect mixed ratings.

SCS Capital Management LLC bought a new position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,947 shares of the pipeline company's stock, valued at approximately $699,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAA. Farther Finance Advisors LLC lifted its stake in Plains All American Pipeline by 107.0% during the first 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 during the last quarter. North Capital Inc. acquired a new position in shares of Plains All American Pipeline during the first quarter worth $61,000. National Bank of Canada FI increased its holdings in shares of Plains All American Pipeline by 99.4% during the first quarter. National Bank of Canada FI now owns 3,210 shares of the pipeline company's stock worth $64,000 after buying an additional 1,600 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in shares of Plains All American Pipeline during the first quarter worth $68,000. Finally, Tortoise Investment Management LLC acquired a new position in shares of Plains All American Pipeline during the first quarter worth $70,000. 41.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PAA shares. Morgan Stanley lowered their price target on shares of Plains All American Pipeline from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. JPMorgan Chase & Co. set a $20.00 price target on shares of Plains All American Pipeline in a report on Friday, August 8th. Scotiabank restated an "outperform" rating on shares of Plains All American Pipeline in a report on Monday, September 8th. Mizuho set a $22.00 price objective on Plains All American Pipeline and gave the company an "outperform" rating in a report on Wednesday, June 18th. Finally, UBS Group set a $25.00 price objective on Plains All American Pipeline and gave the company a "buy" rating in a report on Tuesday, July 15th. 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $20.58.

Plains All American Pipeline Stock Performance

Plains All American Pipeline stock traded up $0.09 during mid-day trading on Tuesday, reaching $17.38. The company's stock had a trading volume of 476,822 shares, compared to its average volume of 3,473,910. 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 capitalization of $12.22 billion, a P/E ratio of 23.79 and a beta of 0.80. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. The firm's fifty day moving average price is $17.99 and its two-hundred day moving average price is $18.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The pipeline company reported $0.36 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%. Plains All American Pipeline's revenue for the quarter was down 16.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.31 earnings per share. Sell-side analysts predict that Plains All American Pipeline, L.P. will post 1.52 EPS 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. Shareholders of record on Thursday, July 31st were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 8.7%. Plains All American Pipeline's payout ratio 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.