Tortoise Capital Advisors L.L.C. Sells 856,467 Shares of Plains All American Pipeline, L.P. $PAA

Key Points

• Tortoise Capital Advisors L.L.C. has reduced its stake in Plains All American Pipeline by 6.4%, bringing its ownership to approximately $249.3 million or about 1.77% of the company's shares.
• Plains All American Pipeline reported a quarterly earnings per share of $0.36, surpassing analysts' expectations, despite a 16.6% decline in quarterly revenue year-over-year.
• The company declared a quarterly dividend of $0.38 per share, resulting in an annualized dividend yield of 8.6%, while maintaining a high dividend payout ratio of 172.73%.

Tortoise Capital Advisors L.L.C. trimmed its position in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 6.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,465,499 shares of the pipeline company's stock after selling 856,467 shares during the period. Plains All American Pipeline makes up approximately 3.0% of Tortoise Capital Advisors L.L.C.'s investment portfolio, making the stock its 14th largest position. Tortoise Capital Advisors L.L.C. owned about 1.77% of Plains All American Pipeline worth $249,310,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Northern Trust Corp grew its stake in Plains All American Pipeline by 89.8% during the first quarter. Northern Trust Corp now owns 987,252 shares of the pipeline company's stock worth $19,745,000 after buying an additional 466,991 shares in the last quarter. Summit Securities Group LLC grew its stake in Plains All American Pipeline by 359.1% during the first quarter. Summit Securities Group LLC now owns 42,700 shares of the pipeline company's stock worth $854,000 after buying an additional 33,400 shares in the last quarter. Penn Mutual Asset Management acquired a new stake in Plains All American Pipeline during the first quarter worth about $390,000. Raymond James Financial Inc. grew its stake in Plains All American Pipeline by 1.0% during the first quarter. Raymond James Financial Inc. now owns 664,784 shares of the pipeline company's stock worth $13,296,000 after buying an additional 6,309 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Plains All American Pipeline during the first quarter worth about $8,290,000. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline Trading Up 1.7%

NYSE PAA traded up $0.30 during trading hours on Wednesday, reaching $17.67. The company's stock had a trading volume of 785,393 shares, compared to its average volume of 3,566,367. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. Plains All American Pipeline, L.P. has a 52 week low of $15.57 and a 52 week high of $21.00. The firm has a fifty day simple moving average of $18.21 and a 200-day simple moving average of $18.27. The stock has a market cap of $12.42 billion, a P/E ratio of 24.20 and a beta of 0.73.

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 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. During the same quarter last year, the business posted $0.31 earnings per share. The company's revenue for the quarter was down 16.6% compared to the same quarter last year. Equities 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 company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 8.6%. Plains All American Pipeline's dividend payout ratio (DPR) is presently 172.73%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Plains All American Pipeline from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Wall Street Zen upgraded shares of Plains All American Pipeline from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Zacks Research upgraded shares of Plains All American Pipeline to a "hold" rating in a research note on Monday, August 11th. Royal Bank Of Canada restated a "sector perform" rating and issued a $20.00 price target on shares of Plains All American Pipeline in a research note on Friday, May 16th. Finally, Wolfe Research reiterated a "peer perform" rating on shares of Plains All American Pipeline in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $20.42.

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.