Miller Howard Investments Inc. NY Reduces Stock Position in Plains All American Pipeline Lp $PAA

Miller Howard Investments Inc. NY trimmed its holdings in shares of Plains All American Pipeline Lp (NASDAQ:PAA) by 1.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,801,601 shares of the company’s stock after selling 52,915 shares during the period. Plains All American Pipeline accounts for about 1.7% of Miller Howard Investments Inc. NY’s holdings, making the stock its 18th largest holding. Miller Howard Investments Inc. NY owned about 0.40% of Plains All American Pipeline worth $62,560,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its position in shares of Plains All American Pipeline by 40.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $41,000 after acquiring an additional 655 shares in the last quarter. Aventura Private Wealth LLC acquired a new position in Plains All American Pipeline in the fourth quarter valued at approximately $42,000. Fulcrum Asset Management LLP acquired a new position in Plains All American Pipeline in the third quarter valued at approximately $50,000. Fifth Third Bancorp increased its stake in Plains All American Pipeline by 257.3% in the third quarter. Fifth Third Bancorp now owns 4,256 shares of the company’s stock valued at $73,000 after purchasing an additional 3,065 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Plains All American Pipeline by 342.7% in the fourth quarter. Farther Finance Advisors LLC now owns 4,068 shares of the company’s stock valued at $73,000 after purchasing an additional 3,149 shares during the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

Plains All American Pipeline Price Performance

Shares of NASDAQ:PAA opened at $21.91 on Wednesday. Plains All American Pipeline Lp has a one year low of $15.69 and a one year high of $24.26. The stock has a market capitalization of $15.46 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 9.85 and a beta of 0.50. The company has a 50-day simple moving average of $22.31 and a 200-day simple moving average of $20.73. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.88 and a current ratio of 0.94.

Plains All American Pipeline (NASDAQ:PAA) last released its quarterly earnings results on Friday, May 8th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The company had revenue of $12.47 billion for the quarter. Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 earnings per share. On average, analysts predict that Plains All American Pipeline Lp will post 1.56 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 7.6%. The ex-dividend date was Friday, May 1st. Plains All American Pipeline’s dividend payout ratio (DPR) is 127.48%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PAA. Wells Fargo & Company boosted their price objective on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Plains All American Pipeline in a research report on Friday, April 17th. The Goldman Sachs Group upgraded shares of Plains All American Pipeline from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Truist Financial initiated coverage on shares of Plains All American Pipeline in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target for the company. Finally, Mizuho upped their price objective on shares of Plains All American Pipeline from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $22.93.

Plains All American Pipeline Company Profile

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.