FORVIS Wealth Advisors LLC Buys New Stake in Plains All American Pipeline, L.P. (NYSE:PAA)

FORVIS Wealth Advisors LLC purchased a new position in Plains All American Pipeline, L.P. (NYSE:PAA) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 183,767 shares of the pipeline company’s stock, valued at approximately $3,227,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Plains All American Pipeline by 9.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,908,296 shares of the pipeline company’s stock worth $195,561,000 after acquiring an additional 1,135,737 shares in the last quarter. UBS Group AG grew its holdings in shares of Plains All American Pipeline by 89.3% during the fourth quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock worth $129,630,000 after buying an additional 4,035,328 shares in the last quarter. Eagle Global Advisors LLC grew its holdings in shares of Plains All American Pipeline by 1.8% during the fourth quarter. Eagle Global Advisors LLC now owns 3,931,137 shares of the pipeline company’s stock worth $59,557,000 after buying an additional 68,810 shares in the last quarter. ING Groep NV grew its holdings in shares of Plains All American Pipeline by 1.9% during the fourth quarter. ING Groep NV now owns 3,100,600 shares of the pipeline company’s stock worth $47,005,000 after buying an additional 57,000 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Plains All American Pipeline by 6.2% during the fourth quarter. Wells Fargo & Company MN now owns 2,594,254 shares of the pipeline company’s stock worth $39,303,000 after buying an additional 151,495 shares in the last quarter. Hedge funds and other institutional investors own 41.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PAA. Citigroup upped their target price on shares of Plains All American Pipeline from $17.50 to $18.00 and gave the stock a “neutral” rating in a report on Monday, May 6th. Royal Bank of Canada upped their target price on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 14th. Scotiabank started coverage on shares of Plains All American Pipeline in a research report on Monday, April 8th. They set a “sector outperform” rating and a $23.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of Plains All American Pipeline from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, StockNews.com cut shares of Plains All American Pipeline from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.38.

Plains All American Pipeline Trading Down 0.7 %

NYSE PAA traded down $0.14 during trading hours on Friday, reaching $18.76. The company had a trading volume of 88,519 shares, compared to its average volume of 3,004,616. The stock has a 50-day moving average of $17.33 and a 200 day moving average of $16.73. Plains All American Pipeline, L.P. has a 1-year low of $13.88 and a 1-year high of $19.03. The company has a current ratio of 0.97, a quick ratio of 0.88 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $13.15 billion, a P/E ratio of 16.29 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The business had revenue of $12 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 10.53%. The business’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, research analysts anticipate that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current fiscal year.

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.