Citigroup Inc. Boosts Stock Position in Plains All American Pipeline, L.P. (NYSE:PAA)

Citigroup Inc. boosted its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 48.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,428,897 shares of the pipeline company’s stock after acquiring an additional 1,125,386 shares during the quarter. Citigroup Inc. owned 0.49% of Plains All American Pipeline worth $59,560,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PAA. Acadian Asset Management LLC boosted its holdings in Plains All American Pipeline by 114.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock valued at $34,081,000 after acquiring an additional 1,020,277 shares during the period. Blackstone Inc. lifted its holdings in shares of Plains All American Pipeline by 1.4% in the 1st quarter. Blackstone Inc. now owns 23,539,035 shares of the pipeline company’s stock worth $413,345,000 after buying an additional 318,944 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings 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 during the period. ING Groep NV lifted its holdings in shares of 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 worth $22,962,000 after buying an additional 297,937 shares during the period. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Plains All American Pipeline in the 3rd quarter worth $4,597,000. Hedge funds and other institutional investors own 41.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PAA. 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 report on Friday, November 15th. Morgan Stanley cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Finally, Bank of America began coverage on Plains All American Pipeline in a report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.82.

Plains All American Pipeline Trading Up 0.7 %

Shares of NYSE PAA opened at $17.94 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market capitalization of $12.62 billion, a P/E ratio of 16.02 and a beta of 1.61. Plains All American Pipeline, L.P. has a 1-year low of $14.46 and a 1-year high of $19.17. The business has a fifty day moving average price of $17.37 and a 200 day moving average price of $17.54.

Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.06. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The company had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. During the same period in the prior year, the company posted $0.35 EPS. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities research analysts expect that Plains All American Pipeline, L.P. will post 1.27 EPS for the current fiscal 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 annualized dividend and a yield of 7.08%. The ex-dividend date of this dividend was Thursday, October 31st. Plains All American Pipeline’s dividend payout ratio is currently 113.39%.

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.