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

Covenant Asset Management LLC decreased its stake in Plains All American Pipeline, L.P. (NYSE:PAA) by 8.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PAA. ORG Partners LLC grew its holdings in shares of Plains All American Pipeline by 78.5% in the 2nd 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 last quarter. Axiom Advisory LLC increased its position in Plains All American Pipeline by 5.2% in the 3rd quarter. Axiom Advisory LLC now owns 15,300 shares of the pipeline company’s stock valued at $274,000 after acquiring an additional 750 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Plains All American Pipeline by 16.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock worth $109,000 after purchasing an additional 856 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Plains All American Pipeline by 5.1% during the third quarter. Thrivent Financial for Lutherans now owns 18,146 shares of the pipeline company’s stock valued at $315,000 after purchasing an additional 887 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of Plains All American Pipeline by 0.9% in the second quarter. Private Advisor Group LLC now owns 106,845 shares of the pipeline company’s stock valued at $1,908,000 after purchasing an additional 927 shares in the last quarter. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline Stock Up 1.5 %

Shares of Plains All American Pipeline stock opened at $17.82 on Friday. Plains All American Pipeline, L.P. has a 52-week low of $14.46 and a 52-week high of $19.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. The business’s 50 day simple moving average is $17.36 and its 200 day simple moving average is $17.54. The firm has a market cap of $12.54 billion, a PE ratio of 15.91 and a beta of 1.61.

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, topping analysts’ consensus estimates of $0.31 by $0.06. The business had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 earnings per share. On average, analysts predict that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.3175 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.13%. Plains All American Pipeline’s dividend payout ratio is 113.39%.

Analysts Set New Price Targets

PAA has been the subject of several analyst reports. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Bank of America began coverage on shares of 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.82.

About Plains All American Pipeline

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.