Plains All American Pipeline, L.P. (NYSE:PAA) Shares Sold by Fortem Financial Group LLC

Fortem Financial Group LLC cut its stake in Plains All American Pipeline, L.P. (NYSE:PAA) by 11.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,506 shares of the pipeline company’s stock after selling 7,975 shares during the period. Fortem Financial Group LLC’s holdings in Plains All American Pipeline were worth $1,103,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PAA. Citigroup Inc. increased its stake in Plains All American Pipeline by 48.9% in the 3rd quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock valued at $59,560,000 after purchasing an additional 1,125,386 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Plains All American Pipeline by 114.9% in the second quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock valued at $34,081,000 after buying an additional 1,020,277 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in shares of Plains All American Pipeline in the third quarter valued at $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of Plains All American Pipeline by 241.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock worth $7,813,000 after buying an additional 317,927 shares in the last quarter. Finally, ING Groep NV grew its stake in Plains All American Pipeline by 29.1% in the 3rd quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock valued at $22,962,000 after acquiring an additional 297,937 shares during the last quarter. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline Stock Performance

NYSE PAA opened at $17.63 on Wednesday. The business’s 50-day moving average price is $17.46 and its 200 day moving average price is $17.60. 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 twelve month low of $14.46 and a twelve month high of $19.17. The company has a market capitalization of $12.41 billion, a PE ratio of 15.74 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The firm had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. Plains All American Pipeline’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, research analysts predict that Plains All American Pipeline, L.P. will post 1.24 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 7.20%. The ex-dividend date of this dividend was Thursday, October 31st. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 113.39%.

Analyst Ratings Changes

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

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.