Longfellow Investment Management Co. LLC Has $26.52 Million Stake in Plains All American Pipeline, L.P. (NYSE:PAA)

Longfellow Investment Management Co. LLC trimmed its holdings in Plains All American Pipeline, L.P. (NYSE:PAA) by 21.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,484,676 shares of the pipeline company’s stock after selling 400,589 shares during the period. Plains All American Pipeline comprises about 6.7% of Longfellow Investment Management Co. LLC’s holdings, making the stock its 4th largest position. Longfellow Investment Management Co. LLC owned approximately 0.21% of Plains All American Pipeline worth $26,516,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PAA. Eagle Bay Advisors LLC purchased a new stake in Plains All American Pipeline in the 1st quarter valued at $26,000. Future Financial Wealth Managment LLC bought a new stake in Plains All American Pipeline in the 1st quarter worth about $28,000. ORG Partners LLC increased its stake in Plains All American Pipeline by 78.5% in the 2nd quarter. ORG Partners LLC now owns 1,660 shares of the pipeline company’s stock valued at $30,000 after buying an additional 730 shares during the last quarter. Evermay Wealth Management LLC bought a new position in shares of Plains All American Pipeline during the 1st quarter worth approximately $35,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Plains All American Pipeline in the 4th quarter worth approximately $46,000. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. UBS Group increased their price target on Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a research note on Wednesday, September 4th. Finally, Morgan Stanley increased their price target on shares of Plains All American Pipeline from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.64.

Plains All American Pipeline Stock Performance

PAA traded up $0.06 on Monday, hitting $17.43. The company’s stock had a trading volume of 70,901 shares, compared to its average volume of 2,803,989. The company’s 50 day simple moving average is $18.01 and its 200-day simple moving average is $17.53. The company has a quick ratio of 0.90, a current ratio of 1.00 and a debt-to-equity ratio of 0.64. Plains All American Pipeline, L.P. has a 12 month low of $14.25 and a 12 month high of $19.17. The firm has a market cap of $12.22 billion, a P/E ratio of 11.66 and a beta of 1.60.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. The company had revenue of $12.93 billion during the quarter, compared to analysts’ expectations of $12.32 billion. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. Analysts forecast that Plains All American Pipeline, L.P. will post 1.3 EPS for the current year.

Plains All American Pipeline Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were issued a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 7.29%. The ex-dividend date of this dividend was Wednesday, July 31st. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 109.48%.

Plains All American Pipeline Profile

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.