Morningstar Investment Management LLC Reduces Stake in Plains All American Pipeline, L.P. (NYSE:PAA)

Morningstar Investment Management LLC lessened its position in Plains All American Pipeline, L.P. (NYSE:PAA – Get Rating) by 6.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 227,296 shares of the pipeline company’s stock after selling 15,279 shares during the quarter. Plains All American Pipeline makes up about 0.7% of Morningstar Investment Management LLC’s investment portfolio, making the stock its 27th largest holding. Morningstar Investment Management LLC’s holdings in Plains All American Pipeline were worth $2,673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MADDEN SECURITIES Corp purchased a new position in shares of Plains All American Pipeline in the 4th quarter valued at approximately $26,000. Kingsview Wealth Management LLC purchased a new position in Plains All American Pipeline during the second quarter valued at $116,000. Ethos Financial Group LLC purchased a new position in shares of Plains All American Pipeline in the fourth quarter valued at about $126,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Plains All American Pipeline in the first quarter valued at about $130,000. Finally, SeaCrest Wealth Management LLC lifted its position in shares of Plains All American Pipeline by 12.5% in the third quarter. SeaCrest Wealth Management LLC now owns 12,734 shares of the pipeline company’s stock worth $134,000 after buying an additional 1,410 shares in the last quarter. Hedge funds and other institutional investors own 42.26% of the company’s stock.

Plains All American Pipeline Stock Performance

NYSE:PAA traded up $0.01 during trading hours on Friday, hitting $13.61. 691,470 shares of the company traded hands, compared to its average volume of 4,067,707. Plains All American Pipeline, L.P. has a twelve month low of $9.10 and a twelve month high of $13.74. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of 8.95 and a beta of 1.70. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $12.80 and a 200 day moving average of $12.49.

Plains All American Pipeline (NYSE:PAA – Get Rating) last issued its quarterly earnings data on Friday, May 5th. The pipeline company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The firm had revenue of $12.34 billion for the quarter, compared to analyst estimates of $14.43 billion. Plains All American Pipeline had a net margin of 2.18% and a return on equity of 10.39%. The company’s revenue was down 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. On average, analysts forecast that Plains All American Pipeline, L.P. will post 1.21 EPS for the current year.

Plains All American Pipeline Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were issued a dividend of $0.2675 per share. The ex-dividend date of this dividend was Friday, April 28th. This represents a $1.07 annualized dividend and a yield of 7.86%. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 70.40%.

Analysts Set New Price Targets

PAA has been the subject of a number of research reports. StockNews.com initiated coverage on Plains All American Pipeline in a report on Thursday, May 18th. They issued a “buy” rating for the company. Morgan Stanley raised their target price on Plains All American Pipeline from $16.00 to $17.00 in a research report on Tuesday, April 25th. Truist Financial raised their target price on shares of Plains All American Pipeline from $15.00 to $17.00 in a research note on Thursday, May 18th. Royal Bank of Canada raised their price target on shares of Plains All American Pipeline from $13.00 to $14.00 and gave the stock a “sector perform” rating in a report on Friday, March 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Plains All American Pipeline from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, March 9th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Plains All American Pipeline has an average rating of “Moderate Buy” and an average price target of $15.68.

Plains All American Pipeline Company Profile

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Plains All American Pipeline LP engages in the operation of midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids, and natural gas. It operates through the Crude Oil and Natural Gas Liquids (NGL) segments. The Crude Oil segment refers to the pipeline transportation, terminalling, storage, and gathering assets.