Hibernia Wealth Partners LLC has made a significant investment in Plains All American Pipeline, L.P. (NYSE: PAA), acquiring 11,727 shares valued at approximately $215,000. This purchase occurred during the second quarter of 2023, as disclosed in the company’s recent filing with the U.S. Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also adjusted their positions in Plains All American Pipeline recently. Apollon Wealth Management LLC increased its holdings by 0.8%, now owning 80,515 shares valued at $1.475 million after acquiring an additional 628 shares. Similarly, HB Wealth Management LLC boosted its stake by 5.2%, bringing its total to 15,247 shares worth $279,000.
Blue Trust Inc. made a notable increase of 76.1% in its holdings, acquiring 1,761 shares valued at $32,000. Prossimo Advisors LLC and Financial Sense Advisors Inc. also raised their stakes by 6.6% and 4.8%, respectively, demonstrating a growing interest in the pipeline sector. Currently, institutional investors hold 41.78% of the company’s stock.
Plains All American Pipeline’s Financial Overview
As of the latest trading session, shares of Plains All American Pipeline opened at $16.56. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 22.68, and a beta of 0.74. The stock has shown a fifty-day moving average price of $16.80 and a two-hundred-day moving average of $17.42. Over the past year, Plains All American Pipeline has recorded a fifty-two week low of $15.57 and a high of $21.00. The company maintains a debt-to-equity ratio of 0.64, with a quick ratio of 0.92 and a current ratio of 1.01.
In addition to its investment activities, Plains All American Pipeline recently declared a quarterly dividend of $0.38 per share, set to be paid on November 14, 2023. Shareholders of record on October 31, 2023 will receive this dividend, which translates to an annualized yield of 9.2%. The company’s current dividend payout ratio (DPR) stands at 125.62%.
Analyst Ratings and Market Outlook
Several research firms have offered insights into Plains All American Pipeline’s stock performance. Barclays recently reduced its price target from $18.00 to $17.00, assigning an “underweight” rating. Conversely, JPMorgan Chase & Co. lowered its target from $21.00 to $20.00 while maintaining a “neutral” rating.
Raymond James Financial reaffirmed a “strong-buy” rating with a new price objective of $22.00, down from $24.00. According to data from MarketBeat.com, the stock currently holds an average rating of “Hold” with an average price target of $20.45.
The investment landscape surrounding Plains All American Pipeline reflects a mix of optimism and caution, with one analyst rating the stock as a “Strong Buy,” three as “Buy,” seven as “Hold,” and one as “Sell.”
Plains All American Pipeline, L.P. operates its business through subsidiaries involved in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids across the United States and Canada. The company divides its operations into two segments: Crude Oil and Natural Gas Liquids (NGL).
As institutional investors continue to show interest in Plains All American Pipeline, it remains to be seen how these dynamics will influence the company’s market position in the coming months.
