Brown Advisory Inc. has significantly reduced its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 38.5% during the first quarter of 2024. According to its latest 13F filing with the Securities and Exchange Commission, the institutional investor now owns 33,337 shares of the pipeline company, following the sale of 20,900 shares during this period. As of the end of the most recent quarter, Brown Advisory’s investment in Plains All American Pipeline was valued at approximately $667,000.
Other prominent investors have also adjusted their positions in Plains All American Pipeline. Barclays PLC increased its stake by 110.4% in the fourth quarter of 2023, acquiring an additional 2,218,014 shares to reach a total of 4,226,335 shares valued at about $72.2 million. Similarly, Invesco Ltd. raised its holdings by 4.6%, bringing their total to 27,827,930 shares, valued at approximately $475.3 million.
CIBC Private Wealth Group LLC and Natixis also expanded their stakes, with increases of 30.8% and 33.2%, respectively. CIBC now owns 4,936,982 shares, while Natixis holds 2,707,900 shares. Overall, institutional investors now control 41.78% of Plains All American Pipeline’s stock.
Analyst Ratings and Stock Performance
Recent analyst reports have resulted in varying assessments for Plains All American Pipeline. On June 18, JPMorgan Chase & Co. raised its price target from $19.00 to $20.00, maintaining a “neutral” rating. In contrast, Wells Fargo & Company downgraded its rating from “overweight” to “equal weight” on May 9. Other firms like Morgan Stanley and Scotiabank have also adjusted their ratings and price targets, indicating a diverse outlook among market analysts.
Currently, one analyst has a “sell” rating on the stock, while six analysts recommend holding, five suggest buying, and one has assigned a “strong buy” rating. The consensus rating stands at “Hold” with a target price of $20.36, according to data from MarketBeat.
As of the latest trading session, shares of Plains All American Pipeline opened at $18.73. The company’s 50-day moving average is $17.60, while the 200-day moving average is $18.52. Plains All American Pipeline has seen a one-year low of $15.58 and a high of $21.00, giving it a market capitalization of $13.17 billion and a P/E ratio of 25.66.
Recent Earnings and Dividend Announcement
Plains All American Pipeline last reported its quarterly earnings on May 9, revealing earnings per share (EPS) of $0.39, which fell short of analysts’ expectations of $0.45. The company recorded a return on equity of 11.69% and a net margin of 1.54%. In comparison, the previous year’s earnings for the same quarter were $0.41 per share, indicating a slight increase in quarterly revenue.
In addition, Plains All American Pipeline announced a quarterly dividend of $0.38 per share, scheduled for payment on August 14, 2024. Shareholders of record on July 31, 2024 will qualify for this dividend, translating to an annualized yield of 8.12% and a dividend payout ratio of 163.44%.
Plains All American Pipeline engages in the transportation, terminaling, storage, and gathering of crude oil and natural gas liquids across the United States and Canada. The company operates mainly through two segments: Crude Oil and Natural Gas Liquids (NGL). The Crude Oil segment facilitates the gathering and transportation of crude oil through various methods, including pipelines and trucks.
For more detailed information regarding institutional holdings and trading activities, visit HoldingsChannel.com for the latest 13F filings and insider trades related to Plains All American Pipeline, L.P.
