Clinton Group Inc. Acquires New Holdings in Plains All American Pipeline, L.P. (PAA)

Share on StockTwits

Clinton Group Inc. acquired a new position in Plains All American Pipeline, L.P. (NYSE:PAA) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,793 shares of the pipeline company’s stock, valued at approximately $445,000.

Several other hedge funds have also recently added to or reduced their stakes in PAA. Alps Advisors Inc. increased its stake in Plains All American Pipeline by 5.8% during the 2nd quarter. Alps Advisors Inc. now owns 35,094,693 shares of the pipeline company’s stock valued at $829,639,000 after buying an additional 1,910,142 shares during the period. Tortoise Capital Advisors L.L.C. increased its stake in Plains All American Pipeline by 3.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 29,874,584 shares of the pipeline company’s stock valued at $706,235,000 after buying an additional 1,079,489 shares during the period. Brookfield Asset Management Inc. increased its stake in Plains All American Pipeline by 236.3% during the 1st quarter. Brookfield Asset Management Inc. now owns 9,103,919 shares of the pipeline company’s stock valued at $200,560,000 after buying an additional 6,397,059 shares during the period. Bank of Montreal Can increased its stake in Plains All American Pipeline by 19.9% during the 2nd quarter. Bank of Montreal Can now owns 8,772,504 shares of the pipeline company’s stock valued at $207,382,000 after buying an additional 1,453,763 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Plains All American Pipeline during the 2nd quarter valued at about $179,640,000. 45.88% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on PAA. Credit Suisse Group began coverage on shares of Plains All American Pipeline in a research note on Thursday. They set an “outperform” rating and a $30.00 target price on the stock. Zacks Investment Research cut shares of Plains All American Pipeline from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus raised shares of Plains All American Pipeline from a “hold” rating to a “buy” rating and raised their target price for the company from $26.00 to $28.00 in a research note on Sunday, September 23rd. Morgan Stanley set a $28.00 target price on shares of Plains All American Pipeline and gave the company a “buy” rating in a research note on Friday, September 14th. Finally, Johnson Rice began coverage on shares of Plains All American Pipeline in a research note on Thursday, September 13th. They set a “buy” rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $27.75.

Shares of PAA opened at $24.37 on Friday. The company has a market capitalization of $18.15 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 1.97 and a beta of 0.81. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.63 and a current ratio of 0.75. Plains All American Pipeline, L.P. has a 12-month low of $18.38 and a 12-month high of $27.70.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings data on Tuesday, August 7th. The pipeline company reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.15. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $8.18 billion. Plains All American Pipeline had a net margin of 2.04% and a return on equity of 12.80%. As a group, research analysts forecast that Plains All American Pipeline, L.P. will post 1.63 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, October 31st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $1.20 annualized dividend and a dividend yield of 4.92%. Plains All American Pipeline’s dividend payout ratio is currently 127.66%.

In other news, VP Chris Herbold sold 10,591 shares of Plains All American Pipeline stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $26.35, for a total value of $279,072.85. Following the transaction, the vice president now owns 34,227 shares of the company’s stock, valued at approximately $901,881.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

Further Reading: Penny Stocks, What You Need To Know

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

Receive News & Ratings for Plains All American Pipeline Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains All American Pipeline and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply