Tortoise Capital Advisors LLC recently announced the acquisition of new stake in Plains All American Pipeline L.P. (NYSE:PAA). The institutional investor has increased its shareholding in the Energy company by 67.81% to 35.67 million shares with purchase of 14.42 million shares. This fresh investment now brings its stake to 4.90% valued currently at $272.55 million. In addition, JPMorgan Securities LLC (Investme.. raised its holdings by 4.49 million to 16.56 million shares. And Brookfield Public Securities Grou.. has lifted its position by 6.50% or 0.77 million shares – to 12.6 million shares.
With over 3.16 million Plains All American Pipeline L.P. (PAA) shares trading Tuesday and a closing price of $7.12 on the day, the dollar volume was approximately $22.47 million. The shares have shown a positive weekly performance of 1.86% and its price on 09/01/20 gained nearly 0.56%. Currently, there are 728.00M common shares owned by the public and among those 473.36M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for PAA have a consensus price objective of $12.23. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $8.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Plains All American Pipeline L.P. stock is 2.10 for the next 12 months. The average price target is 41.11% above its last price level and an upside to the estimated low will see the stock gain 11.0% over that period. But an upside of 58.12% will see the stock hit the forecast high price target while mean target price for the stock is $12.00.
Insiders at the company have transacted a total of 58 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 913,897 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 22,085,310 shares.
The top 3 mutual fund holders in Plains All American Pipeline L.P. are Alerian MLP ETF, Goldman Sachs MLP Energy Infrastr, and Center Coast Brookfield Midstream. Alerian MLP ETF owns 42.23 million shares of the company’s stock, all valued at over $322.63 million. The company sold 14060.0 shares recently to bring their total holdings to about 5.80% of the shares outstanding. Goldman Sachs MLP Energy Infrastr bought 2.9 million shares to see its total holdings expand to 12.5 million shares valued at over $95.5 million and representing 1.72% of the shares outstanding. Center Coast Brookfield Midstream bought 0.19 million shares to bring its total holdings to over 8.71 million shares at a value of $66.54 million. Center Coast Brookfield Midstream now owns shares totaling to 1.20% of the shares outstanding.
Shares of Plains All American Pipeline L.P. (NYSE: PAA) opened at $7.04, down -$0.04 from a prior closing price of $7.08. However, the script later closed the day at $7.12, up 0.56%. The company’s stock has a 5-day price change of 1.86% and -32.19% over the past three months. PAA shares are trading -61.28% year to date (YTD), with the 12-month market performance down to -66.57% lower. It has a 12-month low price of $3.00 and touched a high of $22.81 over the same period. Currently, 3.16 million shares have been traded, compared to an average intraday trading volume of 4.96 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.48%, -11.41%, and -37.97% respectively.
Institutional ownership of Plains All American Pipeline L.P. (NYSE: PAA) shares accounts for 47.30% of the company’s 728.00M shares outstanding. Mutual fund holders own 29.30%, while other institutional holders and individual stakeholders account for 45.79% and 16.70% respectively.
It has a market capitalization of $4.99B and a beta (3y monthly) value of 2.14. The earnings-per-share (ttm) stands at -$2.96. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.18% over the week and 4.40% over the month.
Analysts forecast that Plains All American Pipeline L.P. (PAA) will achieve an EPS of $0.31 for the current quarter, $0.35 for the next quarter and $1.27 for 2021. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.4. Comparatively, EPS for the current quarter was $0.55 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.20%, and 371.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Plains All American Pipeline L.P. (PAA) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 6 of the 24 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the PAA, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on July 21, 2020, with the firm’s price target at. TD Securities coverage for the Plains All American Pipeline L.P. (PAA) stock in a research note released on June 30, 2020 offered a Buy rating with a price target of $17. BofA/Merrill was of a view on May 18, 2020 that the stock is Underperform, while Credit Suisse gave the stock Neutral rating on April 02, 2020, issuing a price target of $13- $8. Barclays on their part issued Equal Weight rating on March 24, 2020.