Chickasaw Capital Management LLC raised its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 19.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,784,469 shares of the pipeline company’s stock after acquiring an additional 1,572,459 shares during the quarter. Plains All American Pipeline comprises 5.9% of Chickasaw Capital Management LLC’s portfolio, making the stock its 7th largest position. Chickasaw Capital Management LLC owned approximately 1.35% of Plains All American Pipeline worth $238,252,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Fort Sheridan Advisors LLC boosted its holdings in Plains All American Pipeline by 0.8% in the 1st quarter. Fort Sheridan Advisors LLC now owns 60,505 shares of the pipeline company’s stock valued at $1,483,000 after purchasing an additional 500 shares during the period. Avestar Capital LLC boosted its stake in shares of Plains All American Pipeline by 12.0% in the 1st quarter. Avestar Capital LLC now owns 6,148 shares of the pipeline company’s stock valued at $149,000 after purchasing an additional 659 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in Plains All American Pipeline by 3.6% during the first quarter. Belpointe Asset Management LLC now owns 20,778 shares of the pipeline company’s stock worth $510,000 after acquiring an additional 730 shares in the last quarter. Enterprise Financial Services Corp boosted its stake in Plains All American Pipeline by 71.5% during the first 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 in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Plains All American Pipeline by 1.6% during the first quarter. Rockefeller Capital Management L.P. now owns 57,961 shares of the pipeline company’s stock worth $1,421,000 after acquiring an additional 925 shares in the last quarter. 48.65% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:PAA opened at $24.80 on Friday. The firm’s fifty day moving average is $24.23. Plains All American Pipeline, L.P. has a fifty-two week low of $19.33 and a fifty-two week high of $27.70. The stock has a market cap of $18.01 billion, a price-to-earnings ratio of 13.19 and a beta of 1.00. The company has a quick ratio of 0.90, a current ratio of 1.02 and a debt-to-equity ratio of 0.91.
Plains All American Pipeline (NYSE:PAA) last released its earnings results on Tuesday, May 7th. The pipeline company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.77 billion. Plains All American Pipeline had a return on equity of 20.70% and a net margin of 8.51%. The business’s revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 earnings per share. As a group, analysts anticipate that Plains All American Pipeline, L.P. will post 2.22 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date of this dividend is Tuesday, July 30th. Plains All American Pipeline’s payout ratio is currently 76.60%.
Several research firms have weighed in on PAA. Royal Bank of Canada restated an “equal weight” rating on shares of Lululemon Athletica in a report on Friday, June 14th. Piper Jaffray Companies cut their target price on shares of Inovio Pharmaceuticals from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Finally, Wolfe Research lowered shares of Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 target price for the company. in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have issued a buy rating to the stock. Plains All American Pipeline presently has a consensus rating of “Buy” and a consensus price target of $28.73.
In other Plains All American Pipeline news, insider Emg Investment, Llc sold 8,179,284 shares of the firm’s 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 filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by company insiders.
Plains All American Pipeline Company 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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