ALPS Advisors, Inc. has recently announced that it has increased stake in Plains All American Pipeline LP (NASDAQ:PAA) by 14.34%. After grabbing 67.03 million shares, the institutional investor is now in possession of 8.41 million shares of the Energy Company. The new investment brought the stake of investor firm to 9.56% having worth around $1.06 billion. Moreover, Harvest Fund Advisors LLC increased its share by 13.79 million to have a control over 24.27 million shares. And Global X Management Co. LLC raised its holdings to 1.2 million shares by acquiring 11.77 million shares or 1.68% of the stake.
Plains All American Pipeline LP (PAA) concluded trading on 01/10/24 at a closing price of $15.50, with 5.64 million shares of worth about $87.5 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 5.44% during that period and on Wednesday the price remained unchanged. Currently the company’s common shares owned by public are about 698.35M shares, out of which, 463.12M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 22 analysts are covering the PAA stock and their offered price forecasts bring an average price target of $17.50. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $21.00 and could fall to a lowest price of $13.50. The stock’s current price level is 11.43% above of average price target set by the analysts, while a rise to estimated low would result in loss of -14.81% for the stock. However, touching the estimated high of $21.00 would mean a gain of 26.19% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 19 times over the past 12 months. They bought 1,448,004 shares in 8 of the transactions. In 11 selling transactions, insiders dumped 9,064,095 shares.
Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and Global X MLP ETF are the top 3 mutual funds which are holding stakes in Plains All American Pipeline LP Alerian MLP ETF is currently holding 69.4 million shares of worth totaling $1.1 billion. The company recently came selling 9718.0 shares which brought its stake up to 9.90% of the company’s outstanding shares. Invesco SteelPath MLP Income Fund sold -0.2 million shares, after which its hold over company’s outstanding shares shrunk to 2.64%, leaving 18.53 million shares with the mutual fund that have a worth of about $294.31 million. Global X MLP ETF, after selling 10.5 million shares, have now control over 1.50% of the stake in the company. It holds 12928.0 shares of worth $166.68 million.
Plains All American Pipeline LP (NASDAQ: PAA) started trading at $15.54, above $0.04 from concluding price of the previous day. Stock saw a price change of 0.58% in past 5 days and over the past one month there was a price change of 4.24%. Year-to-date (YTD), PAA shares are showing a performance of 2.31% which increased to 29.82% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $11.28 but also hit the highest price of $16.05 during that period. The average intraday trading volume for Plains All American Pipeline LP shares is 3.23 million. The stock is currently trading 2.54% above its 20-day simple moving average (SMA20), while that difference is up 1.23% for SMA50 and it goes to 7.26% higher than SMA200.
ALPS Advisors, Inc. acquired 67.03 million shares of Plains All American Pipeline LP having value of about $1.06 billion. Data submitted at the U.S SEC by ALPS Advisors, Inc. revealed that the firm now holds 8.41 million shares in the company valued at close to $130303586.5, or have control over 14.34% stake in the company. Plains All American Pipeline LP (NASDAQ: PAA) currently have 698.35M outstanding shares and institutions hold larger chunk of about 41.64% of that. Holding of mutual funds in the company is about 22.73% while other institutional holders and individual stake holders have control over 45.75% and 18.97% of the stake respectively.
The stock has a current market capitalization of $10.87B and its 3Y-monthly beta is at 1.55. PE ratio of stock for trailing 12 months is 11.54, while it has posted earnings per share of $1.34 in the same period. It has Quick Ratio of 0.84 while making debt-to-equity ratio of 0.81. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PAA, volatility over the week remained 1.31% while standing at 1.38% over the month.
Analysts are in expectations that Plains All American Pipeline LP (PAA) stock would likely to be making an EPS of $0.35 in the current quarter, while forecast for next quarter EPS is $0.4 and it is $1.35 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.23 which is $0.47 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.33 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 10.86% while it is estimated to increase by 4.43% in next year. EPS is likely to shrink at an annualized rate of -1.40% for next 5-years, compared to annual growth of 4.53% made by the stock over the past 5-years.
Analysts at 22 brokerage firms have issued recommendations for the Plains All American Pipeline LP (PAA)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.18. Out of those 22 Wall Street analysts, 11 recommended a “Buy” rating, while 9 were in favor recommending the stock as a “Hold” and 2 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on October 06, 2023 offering a Sell rating for the stock and assigned a target price of $13.50 to it.
