Icon Wealth Advisors LLC Cuts Stock Holdings in Plains All American Pipeline, L.P. (NYSE:PAA)

Icon Wealth Advisors LLC decreased its stake in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,695 shares of the pipeline company’s stock after selling 1,893 shares during the period. Icon Wealth Advisors LLC’s holdings in Plains All American Pipeline were worth $1,923,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Tortoise Capital Advisors L.L.C. boosted its position in shares of Plains All American Pipeline by 0.3% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 18,854,069 shares of the pipeline company’s stock valued at $336,734,000 after buying an additional 57,289 shares during the last quarter. Chickasaw Capital Management LLC boosted its position in Plains All American Pipeline by 1.0% in the third quarter. Chickasaw Capital Management LLC now owns 4,140,089 shares of the pipeline company’s stock worth $71,913,000 after purchasing an additional 42,383 shares during the last quarter. Citigroup Inc. boosted its position in Plains All American Pipeline by 48.9% in the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after purchasing an additional 1,125,386 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in Plains All American Pipeline by 2.0% in the second quarter. Miller Howard Investments Inc. NY now owns 2,548,723 shares of the pipeline company’s stock worth $45,520,000 after purchasing an additional 48,799 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Plains All American Pipeline by 114.9% in the second quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock worth $34,081,000 after purchasing an additional 1,020,277 shares during the last quarter. Hedge funds and other institutional investors own 41.78% of the company’s stock.

Plains All American Pipeline Stock Performance

NYSE:PAA opened at $18.09 on Friday. The firm has a market cap of $12.73 billion, a price-to-earnings ratio of 11.98 and a beta of 1.61. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. The business’s fifty day moving average is $17.38 and its 200 day moving average is $17.54. Plains All American Pipeline, L.P. has a 52-week low of $14.46 and a 52-week high of $19.17.

Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The business had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. Research analysts predict that Plains All American Pipeline, L.P. will post 1.27 EPS for the current year.

Plains All American Pipeline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.02%. The ex-dividend date of this dividend was Thursday, October 31st. Plains All American Pipeline’s payout ratio is currently 113.39%.

Analysts Set New Price Targets

Several research analysts have weighed in on PAA shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a research report on Friday, November 15th. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Finally, Bank of America began coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They issued a “neutral” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.82.

Plains All American Pipeline Company 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.