Avior Wealth Management LLC boosted its position in Plains All American Pipeline, L.P. (NYSE:PAA – Free Report) by 21.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,705 shares of the pipeline company’s stock after purchasing an additional 1,705 shares during the period. Avior Wealth Management LLC’s holdings in Plains All American Pipeline were worth $166,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of Plains All American Pipeline by 58.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after buying an additional 2,677,951 shares in the last quarter. Citigroup Inc. grew its holdings in Plains All American Pipeline by 48.9% during the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after acquiring an additional 1,125,386 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in Plains All American Pipeline in the third quarter worth $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Plains All American Pipeline by 241.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock valued at $7,813,000 after acquiring an additional 317,927 shares during the period. Finally, ING Groep NV boosted its position in shares of Plains All American Pipeline by 29.1% during the 3rd quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after purchasing an additional 297,937 shares in the last quarter. Hedge funds and other institutional investors own 41.78% of the company’s stock.
Plains All American Pipeline Stock Performance
NYSE:PAA opened at $20.17 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market cap of $14.19 billion, a PE ratio of 18.01 and a beta of 1.64. The firm has a 50 day simple moving average of $18.15 and a 200-day simple moving average of $17.79. Plains All American Pipeline, L.P. has a 1-year low of $15.02 and a 1-year high of $21.00.
Plains All American Pipeline Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.38 dividend. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 7.54%. Plains All American Pipeline’s payout ratio is 135.71%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Scotiabank reaffirmed a “sector outperform” rating and issued a $23.00 target price on shares of Plains All American Pipeline in a report on Friday, January 10th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday, January 10th. Barclays raised their price objective on Plains All American Pipeline from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Finally, Bank of America assumed coverage on Plains All American Pipeline in a report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.92.
Check Out Our Latest Stock Report on PAA
Plains All American Pipeline 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.
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