Plains All American Pipeline, L.P. (NYSE:PAA) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 58.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,221,571 shares of the pipeline company’s stock after purchasing an additional 2,677,951 shares during the period. JPMorgan Chase & Co.’s holdings in Plains All American Pipeline were worth $125,439,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Citigroup Inc. boosted its stake in Plains All American Pipeline by 48.9% in the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock valued at $59,560,000 after acquiring an additional 1,125,386 shares during the period. Acadian Asset Management LLC grew its stake in Plains All American Pipeline by 114.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock worth $34,081,000 after buying an additional 1,020,277 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Plains All American Pipeline in the third quarter worth $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Plains All American Pipeline by 241.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock valued at $7,813,000 after buying an additional 317,927 shares during the last quarter. Finally, ING Groep NV boosted its holdings in shares of Plains All American Pipeline by 29.1% during the third quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock valued at $22,962,000 after acquiring an additional 297,937 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wells Fargo & Company downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $19.00 target price on shares of Plains All American Pipeline in a research report on Friday, November 15th. Finally, Bank of America began coverage on Plains All American Pipeline in a research report on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Plains All American Pipeline presently has a consensus rating of “Hold” and a consensus price target of $19.82.

Plains All American Pipeline Price Performance

Shares of Plains All American Pipeline stock opened at $17.08 on Thursday. Plains All American Pipeline, L.P. has a 52 week low of $15.02 and a 52 week high of $19.17. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average price is $17.39 and its two-hundred day moving average price is $17.63. The stock has a market cap of $12.02 billion, a PE ratio of 15.25 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.31 by $0.06. The business had revenue of $12.74 billion during 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 business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Plains All American Pipeline, L.P. will post 1.24 EPS for the current fiscal year.

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.