ALPS Advisors, Inc. recently announced the acquisition of new stake in Plains All American Pipeline LP (NASDAQ:PAA). The institutional investor has increased its shareholding in the Energy company by 14.34% to 67.03 million shares with purchase of 8.41 million shares. This fresh investment now brings its stake to 9.56% valued currently at $1.06 billion. In addition, Harvest Fund Advisors LLC raised its holdings by 13.79 million to 24.27 million shares. And Global X Management Co. LLC has lifted its position by 11.32% or 1.2 million shares – to 11.77 million shares.
With over 23.18 million Plains All American Pipeline LP (PAA) shares trading Friday and a closing price of $14.86 on the day, the dollar volume was approximately $344.5 million. The shares have shown a positive half year performance of 11.23% and its price on 12/15/23 lost nearly -1.26%. Currently, there are 698.35M common shares owned by the public and among those 463.12M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for PAA have a consensus price objective of $17.50. The analysts have set the share’s price value over the next 12 months at a high of $21.00 and a low of $13.50. The average price target is 15.09% above its recent price level and a downside to the estimated low will see the stock lose -10.07% over that period. But an upside of 29.24% will see the stock hit the forecast high price target while median target price for the stock is $17.00.
Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 10 of these insider trades were purchases, accounting for 1,500,007 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 9,094,095 shares.
The top 3 mutual fund holders in Plains All American Pipeline LP are Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and Global X MLP ETF. Alerian MLP ETF owns 69.4 million shares of the company’s stock, all valued at over $1.1 billion. The company sold 9718.0 shares recently to bring their total holdings to about 9.90% of the shares outstanding. Invesco SteelPath MLP Income Fund sold -0.2 million shares to see its total holdings shrink to 18.53 million shares valued at over $294.31 million and representing 2.64% of the shares outstanding. Global X MLP ETF sold 12928.0 shares to bring its total holdings to over 10.5 million shares at a value of $166.68 million. Global X MLP ETF now owns shares totaling to 1.50% of the shares outstanding.
Shares of Plains All American Pipeline LP (NASDAQ: PAA) opened at $14.97, down -$0.08 from a prior closing price of $15.05. However, the script later moved the day high at 15.13, down -1.26%. The company’s stock has a 5-day price change of -0.07% and -2.56% over the past three months. PAA shares are trading 26.36% year to date (YTD), with the 12-month market performance up to 26.47% higher. It has a 12-month low price of $11.16 and touched a high of $16.05 over the same period. PAA has an average intraday trading volume of 3.63 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 -3.20%, -3.16%, and 4.39% respectively.
Institutional ownership of Plains All American Pipeline LP (NASDAQ: PAA) shares accounts for 41.63% of the company’s 698.35M shares outstanding. Mutual fund holders own 23.12%, while other institutional holders and individual stakeholders account for 45.75% and 18.57% respectively.
It has a market capitalization of $10.42B and a beta (3y monthly) value of 1.57. The stock’s trailing 12-month PE ratio is 11.06, while the earnings-per-share (ttm) stands at $1.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.97% over the week and 1.80% over the month.
Analysts forecast that Plains All American Pipeline LP (PAA) will achieve an EPS of $0.36 for the current quarter, $0.4 for the next quarter and $1.35 for 2024. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.33 a year ago. Earnings per share for the fiscal year are expected to increase by 10.03%, and 3.71% over the next financial year. EPS should shrink at an annualized rate of -1.40% over the next five years, compared to 4.53% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Plains All American Pipeline LP (PAA) as a “Moderate Buy” at a consensus score of 2.22. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 10 of the 23 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the PAA, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on October 06, 2023, with the firm’s price target at $13.50.
