Summit Financial LLC Decreases Stake in Plains All American Pipeline, L.P. (NYSE:PAA)

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Summit Financial LLC lowered its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 4.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 29,735 shares of the pipeline company’s stock after selling 1,511 shares during the period. Plains All American Pipeline accounts for approximately 0.1% of Summit Financial LLC’s portfolio, making the stock its 25th biggest holding. Summit Financial LLC’s holdings in Plains All American Pipeline were worth $724,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Belvedere Advisors LLC purchased a new position in shares of Plains All American Pipeline during the 1st quarter worth $30,000. Zions Bancorporation N.A. purchased a new position in shares of Plains All American Pipeline during the 1st quarter worth $48,000. Arcadia Investment Management Corp MI purchased a new position in shares of Plains All American Pipeline during the 2nd quarter worth $49,000. Enterprise Financial Services Corp raised its holdings in shares of Plains All American Pipeline by 71.5% during the 1st quarter. Enterprise Financial Services Corp now owns 2,039 shares of the pipeline company’s stock worth $50,000 after acquiring an additional 850 shares during the period. Finally, Mcmillion Capital Management Inc. purchased a new position in shares of Plains All American Pipeline during the 2nd quarter worth $52,000. Institutional investors own 48.81% of the company’s stock.

NYSE PAA traded down $0.11 during trading on Thursday, hitting $21.41. The stock had a trading volume of 69,345 shares, compared to its average volume of 2,453,795. The company has a market capitalization of $15.53 billion, a P/E ratio of 11.38 and a beta of 1.00. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.02 and a quick ratio of 0.90. The business’s 50 day moving average is $23.85. Plains All American Pipeline, L.P. has a twelve month low of $19.33 and a twelve month high of $27.60.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Tuesday, August 6th. The pipeline company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.23. The company had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $8.07 billion. Plains All American Pipeline had a return on equity of 22.39% and a net margin of 9.48%. Plains All American Pipeline’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. On average, equities research analysts forecast that Plains All American Pipeline, L.P. will post 2.34 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 6.73%. The ex-dividend date was Tuesday, July 30th. Plains All American Pipeline’s dividend payout ratio is currently 76.60%.

Several research firms have recently commented on PAA. Royal Bank of Canada reduced their price target on Plains All American Pipeline to $27.00 and set a “sector perform” rating on the stock in a report on Friday, June 14th. Piper Jaffray Companies began coverage on Plains All American Pipeline in a research report on Wednesday, July 17th. They set an “overweight” rating and a $31.00 price objective for the company. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating in a research report on Thursday, June 13th. ValuEngine downgraded Plains All American Pipeline from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Finally, Stifel Nicolaus set a $25.00 price objective on Plains All American Pipeline and gave the stock a “buy” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the stock. Plains All American Pipeline has a consensus rating of “Buy” and a consensus price target of $28.50.

In other news, insider Emg Investment, Llc sold 8,179,284 shares of Plains All American Pipeline stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total value of $188,941,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

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Institutional Ownership by Quarter for Plains All American Pipeline (NYSE:PAA)

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