Bridges Investment Management Inc. Purchases 59,076 Shares of Plains All American Pipeline, L.P. (NYSE:PAA)

Bridges Investment Management Inc. increased its holdings in shares of Plains All American Pipeline, L.P. (NYSE:PAA) by 75.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 136,937 shares of the pipeline company’s stock after purchasing an additional 59,076 shares during the period. Bridges Investment Management Inc.’s holdings in Plains All American Pipeline were worth $2,446,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Eagle Bay Advisors LLC bought a new position in shares of Plains All American Pipeline during the 1st quarter worth approximately $26,000. Future Financial Wealth Managment LLC acquired a new position in shares of Plains All American Pipeline in the first quarter valued at $28,000. ORG Partners LLC raised its position in shares of Plains All American Pipeline by 78.5% in the second quarter. ORG Partners LLC now owns 1,660 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 730 shares during the period. Evermay Wealth Management LLC acquired a new stake in shares of Plains All American Pipeline during the 1st quarter worth about $35,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Plains All American Pipeline during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 41.78% of the company’s stock.

Plains All American Pipeline Stock Performance

PAA opened at $17.75 on Friday. The firm has a market cap of $12.44 billion, a P/E ratio of 15.30 and a beta of 1.60. The business’s fifty day moving average is $17.82 and its 200-day moving average is $17.59. Plains All American Pipeline, L.P. has a 52-week low of $14.25 and a 52-week high of $19.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.90 and a current ratio of 1.00.

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

Plains All American Pipeline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.15%. The ex-dividend date of this dividend was Wednesday, July 31st. Plains All American Pipeline’s dividend payout ratio is presently 109.48%.

Wall Street Analyst Weigh In

PAA has been the topic of several research analyst reports. UBS Group increased their price target on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a 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 boosted their price target on Plains All American Pipeline from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Plains All American Pipeline presently has a consensus rating of “Hold” and an average target price of $19.64.

About Plains All American Pipeline

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.