Plains All American Pipeline, L.P. (NYSE:PAA – Get Free Report) was the target of some unusual options trading on Monday. Traders acquired 59,403 call options on the company. This represents an increase of 2,470% compared to the typical volume of 2,311 call options.
Insider Activity at Plains All American Pipeline
In related news, EVP Jeremy L. Goebel sold 35,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $15.58, for a total value of $545,300.00. Following the completion of the sale, the executive vice president now directly owns 279,223 shares in the company, valued at $4,350,294.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the business. Alps Advisors Inc. grew its stake in Plains All American Pipeline by 14.3% in the 3rd quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock valued at $1,026,923,000 after buying an additional 8,406,683 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of Plains All American Pipeline by 109,124.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 46,409,609 shares of the pipeline company’s stock valued at $545,777,000 after purchasing an additional 46,367,119 shares in the last quarter. Blackstone Inc. grew its position in shares of Plains All American Pipeline by 131.6% during the 3rd quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock valued at $371,771,000 after purchasing an additional 13,787,485 shares in the last quarter. Invesco Ltd. grew its position in shares of Plains All American Pipeline by 38.9% during the 1st quarter. Invesco Ltd. now owns 17,415,219 shares of the pipeline company’s stock valued at $187,388,000 after purchasing an additional 4,880,244 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Plains All American Pipeline by 41.3% during the 4th quarter. Morgan Stanley now owns 13,389,097 shares of the pipeline company’s stock valued at $157,456,000 after purchasing an additional 3,915,370 shares in the last quarter. 41.13% of the stock is currently owned by hedge funds and other institutional investors.
Plains All American Pipeline Trading Down 0.5 %
Plains All American Pipeline (NYSE:PAA – Get Free Report) last issued its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Plains All American Pipeline had a net margin of 2.28% and a return on equity of 9.96%. The company had revenue of $12.07 billion during the quarter, compared to analyst estimates of $15.42 billion. Sell-side analysts anticipate that Plains All American Pipeline will post 1.18 earnings per share for the current year.
Plains All American Pipeline Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Investors of record on Wednesday, January 31st will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 8.04%. This is a positive change from Plains All American Pipeline’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, January 30th. Plains All American Pipeline’s payout ratio is currently 79.85%.
Wall Street Analyst Weigh In
A number of analysts have weighed in on PAA shares. Truist Financial increased their price target on Plains All American Pipeline from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, November 6th. StockNews.com raised shares of Plains All American Pipeline from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. The Goldman Sachs Group started coverage on shares of Plains All American Pipeline in a research report on Thursday, October 5th. They set a “sell” rating and a $13.50 price objective on the stock. TD Securities increased their price objective on shares of Plains All American Pipeline from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Finally, Royal Bank of Canada raised their price target on shares of Plains All American Pipeline from $15.00 to $17.00 and gave the company a “sector perform” rating in a research report on Thursday, November 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plains All American Pipeline presently has an average rating of “Hold” and an average target price of $17.04.
Plains All American Pipeline Company Profile
Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGL). The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars.
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