Morningstar Investment Management LLC Cuts Stake in Plains All American Pipeline, L.P. (NYSE:PAA)

Morningstar Investment Management LLC reduced its position in Plains All American Pipeline, L.P. (NYSE:PAA) by 31.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,864 shares of the pipeline company’s stock after selling 42,670 shares during the quarter. Morningstar Investment Management LLC’s holdings in Plains All American Pipeline were worth $1,603,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PAA. Hardy Reed LLC raised its holdings in shares of Plains All American Pipeline by 11.7% in the 4th quarter. Hardy Reed LLC now owns 41,850 shares of the pipeline company’s stock valued at $715,000 after purchasing an additional 4,400 shares in the last quarter. Corps Capital Advisors LLC purchased a new position in Plains All American Pipeline during the fourth quarter valued at approximately $836,000. Ieq Capital LLC bought a new position in Plains All American Pipeline in the fourth quarter worth approximately $221,000. Financial Sense Advisors Inc. lifted its holdings in Plains All American Pipeline by 5.4% during the fourth quarter. Financial Sense Advisors Inc. now owns 16,027 shares of the pipeline company’s stock worth $274,000 after buying an additional 823 shares during the period. Finally, Atria Wealth Solutions Inc. lifted its holdings in Plains All American Pipeline by 30.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 93,562 shares of the pipeline company’s stock worth $1,598,000 after buying an additional 21,969 shares during the period. 41.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PAA has been the topic of a number of analyst reports. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a report on Friday, January 10th. Barclays boosted their target price on shares of Plains All American Pipeline from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Morgan Stanley cut shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $19.00 in a report on Friday, October 25th. Scotiabank reiterated a “sector outperform” rating and set a $23.00 price objective on shares of Plains All American Pipeline in a research note on Friday, January 10th. Finally, Raymond James raised their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Plains All American Pipeline has an average rating of “Hold” and an average target price of $20.21.

Plains All American Pipeline Price Performance

NYSE PAA opened at $20.47 on Thursday. The stock’s fifty day moving average price is $18.84 and its 200 day moving average price is $17.97. Plains All American Pipeline, L.P. has a 1 year low of $16.04 and a 1 year high of $21.00. 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 company has a market cap of $14.40 billion, a price-to-earnings ratio of 13.48 and a beta of 1.65.

Plains All American Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 7.43%. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, January 31st. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 208.22%.

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.