Plains All American Pipeline, L.P. (NYSE:PAA) is Tortoise Capital Advisors L.L.C.’s 8th Largest Position

Tortoise Capital Advisors L.L.C. lessened its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 9.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,736,270 shares of the pipeline company’s stock after selling 4,120,675 shares during the quarter. Plains All American Pipeline accounts for about 4.5% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 8th biggest holding. Tortoise Capital Advisors L.L.C. owned approximately 5.32% of Plains All American Pipeline worth $712,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Plains All American Pipeline during the 4th quarter worth $28,000. Benjamin F. Edwards & Company Inc. raised its position in Plains All American Pipeline by 215.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,575 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 1,075 shares during the last quarter. Arlington Partners LLC bought a new position in Plains All American Pipeline in the 4th quarter valued at $30,000. Interactive Financial Advisors bought a new position in Plains All American Pipeline in the 4th quarter valued at $35,000. Finally, Valeo Financial Advisors LLC raised its position in Plains All American Pipeline by 100.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 2,009 shares of the pipeline company’s stock valued at $37,000 after purchasing an additional 1,009 shares during the last quarter. 51.67% of the stock is owned by institutional investors.

Several brokerages have issued reports on PAA. Robert W. Baird downgraded Plains All American Pipeline from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $21.00 to $12.00 in a research report on Monday, March 9th. Bank of America downgraded Plains All American Pipeline from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 11th. Raymond James downgraded Plains All American Pipeline from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $25.00 to $14.00 in a research report on Thursday, March 12th. Royal Bank of Canada cut their price objective on Plains All American Pipeline from $26.00 to $20.00 and set a “sector perform” rating for the company in a research report on Wednesday, December 11th. Finally, Piper Sandler downgraded Plains All American Pipeline from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $21.00 to $14.00 in a research report on Monday, March 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.08.

Shares of PAA stock traded up $0.06 on Thursday, reaching $5.93. 9,572,001 shares of the stock were exchanged, compared to its average volume of 6,846,665. The stock has a market cap of $4.50 billion, a PE ratio of 2.25 and a beta of 1.16. Plains All American Pipeline, L.P. has a one year low of $3.00 and a one year high of $25.26. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.92 and a quick ratio of 0.80. The stock has a 50 day moving average price of $12.22 and a 200 day moving average price of $17.20.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Tuesday, February 4th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.14. The business had revenue of $9.15 billion for the quarter, compared to analyst estimates of $8.16 billion. Plains All American Pipeline had a return on equity of 19.20% and a net margin of 6.45%. Plains All American Pipeline’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. On average, research analysts expect that Plains All American Pipeline, L.P. will post 1.59 earnings per share for the current fiscal year.

In related news, insider Harry N. Pefanis purchased 20,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was acquired at an average price of $6.96 per share, for a total transaction of $139,200.00. Following the purchase, the insider now owns 650,194 shares of the company’s stock, valued at $4,525,350.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Harry N. Pefanis purchased 30,000 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were bought at an average price of $14.16 per share, with a total value of $424,800.00. Following the purchase, the insider now directly owns 630,194 shares in the company, valued at approximately $8,923,547.04. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 98,400 shares of company stock valued at $831,410. 1.10% of the stock is currently owned by company insiders.

Plains All American Pipeline Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

Read More: What is Cost of Goods Sold (COGS)?

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

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