Van ECK Associates Corp raised its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA - Free Report) by 56.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 139,047 shares of the pipeline company's stock after purchasing an additional 50,391 shares during the period. Van ECK Associates Corp's holdings in Plains All American Pipeline were worth $2,375,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in PAA. JPMorgan Chase & Co. boosted its holdings in shares of Plains All American Pipeline by 58.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company's stock valued at $125,439,000 after purchasing an additional 2,677,951 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Plains All American Pipeline by 48.9% in the 3rd 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 last quarter. Kovitz Investment Group Partners LLC bought a new position in shares of Plains All American Pipeline in the 3rd quarter valued at about $11,634,000. ING Groep NV lifted its holdings in shares of Plains All American Pipeline by 29.1% in the 3rd 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 last quarter. Finally, FMR LLC lifted its holdings in shares of Plains All American Pipeline by 91.1% in the 3rd quarter. FMR LLC now owns 600,282 shares of the pipeline company's stock valued at $10,427,000 after acquiring an additional 286,222 shares during the last quarter. Institutional investors own 41.78% of the company's stock.
PAA has been the subject of a number of analyst reports. Scotiabank reaffirmed a "sector outperform" rating and issued a $23.00 price target on shares of Plains All American Pipeline in a report on Friday, January 10th. Morgan Stanley downgraded shares of Plains All American Pipeline from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $22.00 to $19.00 in a report on Friday, October 25th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $19.00 price target on shares of Plains All American Pipeline in a report on Friday, November 15th. Barclays increased their price target on shares of Plains All American Pipeline from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Thursday, January 16th. Finally, Raymond James increased their price objective on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $20.21.
Check Out Our Latest Stock Report on PAA
Shares of NYSE:PAA traded down $0.14 during trading on Friday, reaching $20.48. 3,845,205 shares of the company were exchanged, compared to its average volume of 4,488,532. The firm has a market capitalization of $14.41 billion, a PE ratio of 28.05 and a beta of 1.65. The business's fifty day simple moving average is $18.94 and its 200-day simple moving average is $18.01. Plains All American Pipeline, L.P. has a 12-month low of $16.18 and a 12-month high of $21.00. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92.
The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.38 per share. The ex-dividend date was Friday, January 31st. This is a positive change from Plains All American Pipeline's previous quarterly dividend of $0.32. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.42%. Plains All American Pipeline's dividend payout ratio (DPR) is 208.22%.
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.
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