Plains All American Pipeline, L.P. (NYSE:PAA) Shares Acquired by Citigroup Inc.

Citigroup Inc. grew its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 48.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,428,897 shares of the pipeline company’s stock after purchasing an additional 1,125,386 shares during the period. Citigroup Inc.’s holdings in Plains All American Pipeline were worth $59,560,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new position in shares of Plains All American Pipeline in the third quarter valued at about $28,000. ORG Partners LLC increased its holdings in shares of Plains All American Pipeline by 78.5% in the second quarter. ORG Partners LLC now owns 1,660 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 730 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Plains All American Pipeline by 53.2% in the second quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock valued at $68,000 after purchasing an additional 1,318 shares during the period. American National Bank increased its holdings in shares of Plains All American Pipeline by 249.2% in the second quarter. American National Bank now owns 4,358 shares of the pipeline company’s stock valued at $78,000 after purchasing an additional 3,110 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Plains All American Pipeline by 31.2% in the second quarter. Brown Brothers Harriman & Co. now owns 4,460 shares of the pipeline company’s stock valued at $80,000 after purchasing an additional 1,060 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PAA. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a report on Friday, November 15th. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Finally, Bank of America assumed coverage on Plains All American Pipeline in a report on Thursday, October 17th. They set a “neutral” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.82.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $17.94 on Friday. The company has a market capitalization of $12.62 billion, a P/E ratio of 16.02 and a beta of 1.61. The business’s 50 day moving average is $17.37 and its two-hundred day moving average is $17.54. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. Plains All American Pipeline, L.P. has a 12-month low of $14.46 and a 12-month high of $19.17.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $12.74 billion for the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. Plains All American Pipeline’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 earnings per share. Analysts expect that Plains All American Pipeline, L.P. will post 1.27 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.3175 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a yield of 7.08%. Plains All American Pipeline’s dividend payout ratio is currently 113.39%.

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.