Plains All American Pipeline Lp $PAA Stock Sold by GraniteShares Advisors LLC

GraniteShares Advisors LLC lowered its position in Plains All American Pipeline Lp (NASDAQ:PAA) by 26.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,863 shares of the company’s stock after selling 39,015 shares during the period. Plains All American Pipeline comprises approximately 1.7% of GraniteShares Advisors LLC’s investment portfolio, making the stock its 24th biggest position. GraniteShares Advisors LLC’s holdings in Plains All American Pipeline were worth $2,535,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PAA. Choreo LLC grew its position in shares of Plains All American Pipeline by 85.5% during the 3rd quarter. Choreo LLC now owns 18,912 shares of the company’s stock valued at $449,000 after acquiring an additional 8,719 shares during the period. MADDEN SECURITIES Corp acquired a new position in Plains All American Pipeline in the 3rd quarter worth about $52,000. Oppenheimer & Co. Inc. acquired a new position in Plains All American Pipeline in the 3rd quarter worth about $293,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Plains All American Pipeline by 1.9% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 107,300 shares of the company’s stock worth $2,545,000 after purchasing an additional 2,000 shares during the period. Finally, Apollon Wealth Management LLC boosted its position in Plains All American Pipeline by 0.7% during the third quarter. Apollon Wealth Management LLC now owns 67,626 shares of the company’s stock worth $1,604,000 after purchasing an additional 444 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on PAA. UBS Group raised their price objective on Plains All American Pipeline from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, October 9th. Zacks Research raised Plains All American Pipeline from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Jefferies Financial Group upped their target price on Plains All American Pipeline from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 27th. Wall Street Zen lowered Plains All American Pipeline from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Finally, Morgan Stanley lifted their price target on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.07.

Plains All American Pipeline Stock Down 3.2%

PAA stock opened at $25.67 on Tuesday. The stock has a market capitalization of $18.11 billion, a P/E ratio of 7.11, a P/E/G ratio of 9.42 and a beta of 0.57. The firm has a 50-day simple moving average of $25.25 and a 200-day simple moving average of $22.83. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. Plains All American Pipeline Lp has a 52 week low of $16.00 and a 52 week high of $26.98.

Plains All American Pipeline (NASDAQ:PAA) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.09). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company had revenue of $17.69 billion during the quarter. During the same quarter in the previous year, the company earned $0.36 earnings per share. The company’s quarterly revenue was up 66.3% compared to the same quarter last year. Equities analysts forecast that Plains All American Pipeline Lp will post 1.73 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. Plains All American Pipeline’s dividend payout ratio is presently 46.26%.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company’s operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.