Waverly Advisors LLC Sells 53,229 Shares of Plains All American Pipeline Lp $PAA

Key Points

• Waverly Advisors reduced its Plains All American Pipeline stake by 7.9%, selling 53,229 shares and retaining 622,795 shares valued at approximately $13.9 million. Institutional investors collectively own 41.78% of the company.
• PAA shares opened at $24.60, near their 52-week high of $24.87. The company reported quarterly revenue of $12.47 billion, up 8.7% year over year, but earnings per share of $0.39 missed estimates by $0.02.
• Plains All American Pipeline declared a quarterly dividend of $0.4175 per share, or $1.67 annually, implying a 6.8% yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $23.23.

Waverly Advisors LLC reduced its stake in shares of Plains All American Pipeline Lp (NASDAQ:PAA - Free Report) by 7.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 622,795 shares of the company's stock after selling 53,229 shares during the quarter. Waverly Advisors LLC owned approximately 0.09% of Plains All American Pipeline worth $13,907,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PAA. D.A. Davidson & CO. lifted its holdings in Plains All American Pipeline by 1.6% during the 1st quarter. D.A. Davidson & CO. now owns 28,439 shares of the company's stock valued at $635,000 after buying an additional 453 shares in the last quarter. Summit Financial LLC grew its stake in Plains All American Pipeline by 1.0% in the 4th quarter. Summit Financial LLC now owns 61,265 shares of the company's stock worth $1,100,000 after acquiring an additional 599 shares in the last quarter. Newbridge Financial Services Group Inc. increased its position in shares of Plains All American Pipeline by 40.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,263 shares of the company's stock worth $41,000 after acquiring an additional 655 shares during the period. Symphony Financial Services Inc. raised its stake in shares of Plains All American Pipeline by 1.4% during the fourth quarter. Symphony Financial Services Inc. now owns 52,496 shares of the company's stock valued at $943,000 after acquiring an additional 715 shares in the last quarter. Finally, Sippican Capital Advisors raised its stake in shares of Plains All American Pipeline by 2.4% during the fourth quarter. Sippican Capital Advisors now owns 32,800 shares of the company's stock valued at $589,000 after acquiring an additional 775 shares in the last quarter. 41.78% of the stock is currently owned by institutional investors.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $24.60 on Monday. The firm has a market cap of $17.36 billion, a price-to-earnings ratio of 18.78, a PEG ratio of 9.71 and a beta of 0.50. Plains All American Pipeline Lp has a 52-week low of $15.69 and a 52-week high of $24.87. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.02. The company's 50 day moving average is $22.87 and its 200 day moving average is $21.59.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last posted its earnings results on Friday, May 8th. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). The company had revenue of $12.47 billion for the quarter. Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. On average, sell-side analysts anticipate that Plains All American Pipeline Lp will post 1.55 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date is Friday, July 31st. Plains All American Pipeline's dividend payout ratio is 127.48%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Plains All American Pipeline in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their target price on Plains All American Pipeline from $22.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Zacks Research downgraded Plains All American Pipeline from a "hold" rating to a "strong sell" rating in a research report on Friday, July 10th. The Goldman Sachs Group upgraded Plains All American Pipeline from a "sell" rating to a "neutral" rating and raised their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Mizuho lifted their price objective on Plains All American Pipeline from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Plains All American Pipeline currently has an average rating of "Hold" and a consensus price target of $23.23.

Plains All American Pipeline Company Profile

Plains All American Pipeline NASDAQ: PAA is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.

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