PNC Financial Services Group Inc. Cuts Stock Position in Plains All American Pipeline, L.P. (NYSE:PAA)

PNC Financial Services Group Inc. lowered its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 0.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 194,386 shares of the pipeline company’s stock after selling 1,525 shares during the period. PNC Financial Services Group Inc.’s holdings in Plains All American Pipeline were worth $3,376,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its position in Plains All American Pipeline by 1,006.4% in the third quarter. International Assets Investment Management LLC now owns 67,038 shares of the pipeline company’s stock worth $1,164,000 after purchasing an additional 60,979 shares during the last quarter. Tortoise Capital Advisors L.L.C. boosted its position in Plains All American Pipeline by 0.3% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 18,854,069 shares of the pipeline company’s stock worth $336,734,000 after purchasing an additional 57,289 shares during the last quarter. Private Advisor Group LLC boosted its position in Plains All American Pipeline by 57.9% in the third quarter. Private Advisor Group LLC now owns 168,703 shares of the pipeline company’s stock worth $2,930,000 after purchasing an additional 61,858 shares during the last quarter. ING Groep NV boosted its position in Plains All American Pipeline by 29.1% in the third quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after purchasing an additional 297,937 shares during the last quarter. Finally, F M Investments LLC purchased a new position in shares of Plains All American Pipeline during the 2nd quarter valued at $619,000. Hedge funds and other institutional investors own 41.78% of the company’s stock.

Plains All American Pipeline Price Performance

Shares of NYSE PAA opened at $17.94 on Monday. The firm has a market capitalization of $12.62 billion, a P/E ratio of 16.02 and a beta of 1.61. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The stock’s 50-day simple moving average is $17.37 and its two-hundred day simple moving average is $17.54. Plains All American Pipeline, L.P. has a twelve month low of $14.46 and a twelve month high of $19.17.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.31 by $0.06. The firm had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The company’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 EPS. As a group, equities analysts anticipate that Plains All American Pipeline, L.P. will post 1.27 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued 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 presently 113.39%.

Wall Street Analysts Forecast Growth

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