Tidal Investments LLC Raises Stake in Plains All American Pipeline Lp $PAA

Key Points

• Tidal Investments increased its Plains All American Pipeline stake by 754.8% in the second quarter, ending with 87,636 shares valued at approximately $1.95 million. Other institutional investors also expanded their positions, with institutions collectively owning 41.78% of PAA.
• Plains All American Pipeline reported quarterly EPS of $0.41, below the $0.50 consensus estimate, while revenue rose 66.3% year over year to $17.69 billion. The company forecasts full-year EPS of $1.75.
• PAA pays a quarterly dividend of $0.4175 per share, equivalent to $1.67 annually and a 6.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.31, below the reported share price of $25.42.

Tidal Investments LLC raised its stake in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 754.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,636 shares of the company's stock after buying an additional 77,384 shares during the quarter. Tidal Investments LLC's holdings in Plains All American Pipeline were worth $1,951,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its position in Plains All American Pipeline by 17.8% in the 4th 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 increased its holdings 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 worth $82,430,000 after purchasing an additional 2,992,549 shares in the last quarter. Cohen & Steers Inc. raised its stake in shares of Plains All American Pipeline by 97.9% in the fourth 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 during the last quarter. Mizuho Markets Americas LLC bought a new position in shares of Plains All American Pipeline during the first quarter valued at $16,819,000. Finally, Americana Partners LLC lifted its holdings in shares of Plains All American Pipeline by 110.9% during the fourth quarter. Americana Partners LLC now owns 578,541 shares of the company's stock valued at $10,391,000 after purchasing an additional 304,247 shares in the last quarter. Institutional investors own 41.78% of the company's stock.

Plains All American Pipeline Trading Down 1.4%

Plains All American Pipeline stock opened at $25.42 on Thursday. The business has a 50-day simple moving average of $24.51 and a two-hundred day simple moving average of $22.97. The company has a market cap of $17.94 billion, a P/E ratio of 7.04, a P/E/G ratio of 9.02 and a beta of 0.52. Plains All American Pipeline Lp has a 52-week low of $15.69 and a 52-week high of $26.39. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings results 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 for the quarter. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm's revenue was up 66.3% on a year-over-year basis. Analysts predict that Plains All American Pipeline Lp will post 1.75 EPS for the current year.

Plains All American Pipeline Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently commented on PAA shares. 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 shares of Plains All American Pipeline from a "buy (b-)" rating to a "buy (b+)" rating in a report on Tuesday, August 25th. Barclays raised their target price on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock an "underweight" rating in a report on Thursday, July 16th. Truist Financial lifted their target price on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, UBS Group reiterated a "buy" rating on shares of Plains All American Pipeline in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Plains All American Pipeline has a consensus rating of "Hold" and an average target price of $24.31.

Plains All American Pipeline Company Profile

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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