Jennison Associates LLC Lowers Holdings in Plains All American Pipeline, L.P. (PAA)


Jennison Associates LLC cut its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 11.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 682,323 shares of the pipeline company’s stock after selling 89,175 shares during the period. Jennison Associates LLC owned approximately 0.09% of Plains All American Pipeline worth $14,458,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of PAA. BB&T Investment Services Inc. bought a new stake in Plains All American Pipeline in the 2nd quarter valued at about $108,000. IHT Wealth Management LLC bought a new stake in Plains All American Pipeline in the 2nd quarter valued at about $118,000. Advisory Services Network LLC increased its holdings in Plains All American Pipeline by 5.1% during the 2nd quarter. Advisory Services Network LLC now owns 4,624 shares of the pipeline company’s stock worth $121,000 after purchasing an additional 223 shares in the last quarter. Pathstone Family Office LLC bought a new stake in Plains All American Pipeline during the 2nd quarter worth approximately $127,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Plains All American Pipeline by 14.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,462 shares of the pipeline company’s stock worth $170,000 after purchasing an additional 806 shares in the last quarter. 43.44% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on PAA. Raymond James Financial set a $24.00 price objective on Plains All American Pipeline and gave the stock a “buy” rating in a report on Wednesday, August 9th. BidaskClub downgraded Plains All American Pipeline from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Stifel Nicolaus dropped their price objective on Plains All American Pipeline from $30.00 to $26.00 and set a “hold” rating on the stock in a research note on Tuesday, August 8th. Howard Weil downgraded Plains All American Pipeline from a “sector outperform” rating to a “sector perform” rating in a research report on Tuesday, August 8th. Finally, Citigroup restated a “buy” rating and set a $28.00 target price (down previously from $33.50) on shares of Plains All American Pipeline in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $27.52.




In other Plains All American Pipeline news, VP Chris Herbold sold 10,171 shares of Plains All American Pipeline stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $20.25, for a total value of $205,962.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) traded up $0.66 during midday trading on Friday, hitting $20.16. 5,457,422 shares of the company’s stock were exchanged, compared to its average volume of 3,330,784. Plains All American Pipeline, L.P. has a fifty-two week low of $18.38 and a fifty-two week high of $33.75. The company has a market capitalization of $14,619.81, a P/E ratio of 24.29 and a beta of 1.01. The company has a quick ratio of 0.78, a current ratio of 1.00 and a debt-to-equity ratio of 1.20.

Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Monday, November 6th. The pipeline company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $6.24 billion. Plains All American Pipeline had a net margin of 3.22% and a return on equity of 9.06%. Plains All American Pipeline’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. research analysts forecast that Plains All American Pipeline, L.P. will post 1.14 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 5.95%. The ex-dividend date of this dividend was Monday, October 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 239.13%.

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Plains All American Pipeline Profile

Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Company’s transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges.

Institutional Ownership by Quarter for Plains All American Pipeline (NYSE:PAA)




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