Covenant Asset Management LLC Sells 1,900 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Covenant Asset Management LLC cut its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,136 shares of the pipeline company’s stock after selling 1,900 shares during the quarter. Covenant Asset Management LLC’s holdings in Plains All American Pipeline were worth $350,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC acquired a new position in shares of Plains All American Pipeline during the 3rd quarter worth about $28,000. ORG Partners LLC grew its holdings in Plains All American Pipeline by 78.5% during the second quarter. ORG Partners LLC now owns 1,660 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 730 shares during the period. Sunbelt Securities Inc. increased its position in Plains All American Pipeline by 53.2% during the second quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock worth $68,000 after buying an additional 1,318 shares during the last quarter. American National Bank raised its stake in Plains All American Pipeline by 249.2% in the second quarter. American National Bank now owns 4,358 shares of the pipeline company’s stock valued at $78,000 after buying an additional 3,110 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Plains All American Pipeline by 31.2% in the second quarter. Brown Brothers Harriman & Co. now owns 4,460 shares of the pipeline company’s stock valued at $80,000 after buying an additional 1,060 shares during the last quarter. 41.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PAA shares. Bank of America started coverage on Plains All American Pipeline in a report on Thursday, October 17th. They set a “neutral” rating and a $18.00 target price on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a report on Friday, November 15th. Finally, Morgan Stanley lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research report on Friday, October 25th. 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.82.

Plains All American Pipeline Stock Performance

NYSE PAA opened at $17.82 on Friday. The firm has a 50-day moving average price of $17.36 and a two-hundred day moving average price of $17.54. Plains All American Pipeline, L.P. has a 12-month low of $14.46 and a 12-month high of $19.17. The company has a market capitalization of $12.54 billion, a P/E ratio of 15.91 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.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly 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 business had revenue of $12.74 billion during the quarter, compared to analysts’ expectations of $13.09 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts anticipate that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 7.13%. The ex-dividend date was Thursday, October 31st. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 113.39%.

Plains All American Pipeline Company 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.