12,000 Shares in Plains All American Pipeline, L.P. (NYSE:PAA) Purchased by DAVENPORT & Co LLC

DAVENPORT & Co LLC purchased a new position in shares of Plains All American Pipeline, L.P. (NYSE:PAA) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,000 shares of the pipeline company’s stock, valued at approximately $182,000.

Other hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. grew its stake in Plains All American Pipeline by 14.3% during the 3rd quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock valued at $1,026,923,000 after acquiring an additional 8,406,683 shares in the last quarter. Moneta Group Investment Advisors LLC grew its stake in shares of Plains All American Pipeline by 109,124.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 46,409,609 shares of the pipeline company’s stock valued at $545,777,000 after buying an additional 46,367,119 shares during the period. Blackstone Inc. grew its stake in shares of Plains All American Pipeline by 131.6% in the 3rd quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock valued at $371,771,000 after buying an additional 13,787,485 shares during the period. Invesco Ltd. grew its stake in shares of Plains All American Pipeline by 38.9% in the 1st quarter. Invesco Ltd. now owns 17,415,219 shares of the pipeline company’s stock valued at $187,388,000 after buying an additional 4,880,244 shares during the period. Finally, Morgan Stanley grew its stake in shares of Plains All American Pipeline by 41.3% in the 4th quarter. Morgan Stanley now owns 13,389,097 shares of the pipeline company’s stock valued at $157,456,000 after buying an additional 3,915,370 shares during the period. Institutional investors and hedge funds own 41.78% of the company’s stock.

Wall Street Analyst Weigh In

PAA has been the subject of several analyst reports. StockNews.com raised shares of Plains All American Pipeline from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Citigroup upped their price objective on shares of Plains All American Pipeline from $16.50 to $17.50 and gave the stock a “neutral” rating in a report on Friday, March 1st. Scotiabank initiated coverage on shares of Plains All American Pipeline in a report on Monday. They issued a “sector outperform” rating and a $23.00 price objective on the stock. Finally, Truist Financial upped their price objective on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.10.

Plains All American Pipeline Stock Down 0.8 %

Shares of NYSE PAA opened at $17.98 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. Plains All American Pipeline, L.P. has a 52 week low of $12.07 and a 52 week high of $19.03. The firm has a 50-day moving average price of $16.77 and a 200 day moving average price of $15.86. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of 12.94 and a beta of 1.59.

Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Friday, February 9th. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $12.70 billion during the quarter, compared to analysts’ expectations of $14.30 billion. Plains All American Pipeline had a net margin of 2.39% and a return on equity of 10.48%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 earnings per share. Equities research analysts anticipate that Plains All American Pipeline, L.P. will post 1.24 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.3175 per share. The ex-dividend date is Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.06%. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 91.37%.

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.