Plains All American Pipeline, L.P. (NYSE:PAA) Position Reduced by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 0.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 386,588 shares of the pipeline company’s stock after selling 2,712 shares during the period. Maryland State Retirement & Pension System owned about 0.06% of Plains All American Pipeline worth $6,904,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Plains All American Pipeline during the 2nd quarter worth approximately $108,000. Callahan Advisors LLC acquired a new position in Plains All American Pipeline during the second quarter valued at $387,000. F M Investments LLC purchased a new stake in Plains All American Pipeline in the 2nd quarter worth about $619,000. Arkadios Wealth Advisors acquired a new stake in Plains All American Pipeline during the 2nd quarter worth about $425,000. Finally, HB Wealth Management LLC grew its stake in Plains All American Pipeline by 9.8% during the 2nd quarter. HB Wealth Management LLC now owns 14,599 shares of the pipeline company’s stock valued at $261,000 after acquiring an additional 1,308 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Plains All American Pipeline Stock Performance

Plains All American Pipeline stock traded up $0.18 on Friday, reaching $17.94. 2,045,943 shares of the stock were exchanged, compared to its average volume of 2,841,465. The stock has a market cap of $12.58 billion, a PE ratio of 15.47 and a beta of 1.61. The firm has a fifty day moving average price of $18.01 and a two-hundred day moving average price of $17.44. Plains All American Pipeline, L.P. has a twelve month low of $14.25 and a twelve month high of $19.17. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Friday, August 2nd. The pipeline company reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. The firm had revenue of $12.93 billion during the quarter, compared to the consensus estimate of $12.32 billion. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 EPS. Sell-side analysts anticipate that Plains All American Pipeline, L.P. will post 1.32 EPS for the current year.

Plains All American Pipeline Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a yield of 7.08%. The ex-dividend date was Wednesday, July 31st. Plains All American Pipeline’s payout ratio is currently 109.48%.

Analysts Set New Price Targets

PAA has been the subject of several research reports. Citigroup raised their price target on shares of Plains All American Pipeline from $17.50 to $18.00 and gave the stock a “neutral” rating in a report on Monday, May 6th. TD Securities boosted their target price on Plains All American Pipeline from $17.00 to $18.00 and gave the company a “hold” rating in a research note on Monday, May 6th. Wells Fargo & Company lifted their price target on Plains All American Pipeline from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. UBS Group increased their price objective on Plains All American Pipeline from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $19.00 target price on shares of Plains All American Pipeline in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $19.64.

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.