Brown Advisory Inc. has reduced its holdings in Plains All American Pipeline, L.P. (NYSE: PAA) by an impressive 38.5% during the first quarter of 2024. According to the firm’s recent 13F filing with the Securities and Exchange Commission, Brown Advisory now holds 33,337 shares of the pipeline company, having sold 20,900 shares in the same period. The value of these holdings stood at approximately $667,000 as of the latest reporting.
In addition to Brown Advisory, several other institutional investors have actively adjusted their positions in Plains All American Pipeline. Notably, Barclays PLC increased its stake by 110.4% in the fourth quarter, bringing its total ownership to 4,226,335 shares valued at $72.2 million. Invesco Ltd. also expanded its stake by 4.6%, now owning 27,827,930 shares, worth $475.3 million. Other significant investors include MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., which raised its stake by 8.6%, and CIBC Private Wealth Group LLC, which increased its holdings by 30.8%. Notably, hedge funds and institutional investors collectively own 41.78% of Plains All American Pipeline’s stock.
Analyst Ratings and Stock Performance
Recent analyst reports reflect a range of opinions on Plains All American Pipeline. JPMorgan Chase & Co. has upgraded its price target for PAA shares from $19.00 to $20.00 while maintaining a “neutral” rating. Conversely, Wells Fargo & Company downgraded its rating from “overweight” to “equal weight.” Scotiabank also reduced its price target from $20.00 to $19.00, maintaining a “sector outperform” rating.
Currently, the stock has a consensus rating of “Hold” from analysts, with a target price averaging around $20.36. As of Tuesday, shares of PAA opened at $18.73, with a 50-day moving average of $17.60 and a 200-day moving average of $18.52. The company has experienced a one-year low of $15.58 and a high of $21.00, with a market capitalization of $13.17 billion and a price-to-earnings ratio of 25.66.
Financial Results and Dividend Announcement
In its latest quarterly earnings report, Plains All American Pipeline posted earnings per share (EPS) of $0.39, falling short of the consensus estimate of $0.45 by $0.06. The company reported a return on equity of 11.69% and a net margin of 1.54%. Year-over-year, the company’s revenue increased by 0.1%.
Looking ahead, Plains All American has announced a quarterly dividend of $0.38 per share, scheduled for distribution on August 14, 2024. Shareholders recorded as of July 31, 2024 will receive this dividend, which represents an annual yield of 8.12%. The company’s dividend payout ratio currently stands at an elevated 163.44%.
Plains All American Pipeline engages in the transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) across the United States and Canada. Its operations are divided into segments focusing on crude oil and NGL, which includes gathering and transporting crude oil through various means.
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