Plains All American Pipeline, L.P. (NYSE:PAA)’s share price hit a new 52-week low on Tuesday following a weaker than expected earnings announcement. The company traded as low as $21.21 and last traded at $21.23, with a volume of 11,299,734 shares changing hands. The stock had previously closed at $25.20.

The pipeline company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by $0.05. The company had revenue of $6.08 billion for the quarter, compared to the consensus estimate of $5.50 billion. Plains All American Pipeline, L.P. had a return on equity of 10.46% and a net margin of 4.42%. The business’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) EPS.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.55 per share. The ex-dividend date is Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 10.47%. Plains All American Pipeline, L.P.’s payout ratio is presently 165.41%.

PAA has been the topic of a number of research reports. Guggenheim initiated coverage on shares of Plains All American Pipeline, L.P. in a research note on Monday, April 17th. They set a “neutral” rating and a $28.00 target price on the stock. Jefferies Group LLC cut shares of Plains All American Pipeline, L.P. from a “buy” rating to a “hold” rating and decreased their target price for the stock from $28.00 to $27.00 in a research note on Friday, April 21st. Macquarie reaffirmed an “outperform” rating and set a $36.00 target price on shares of Plains All American Pipeline, L.P. in a research note on Friday, April 21st. Wolfe Research reaffirmed a “market perform” rating on shares of Plains All American Pipeline, L.P. in a research note on Friday, April 21st. Finally, Scotiabank reaffirmed a “buy” rating and set a $36.00 target price on shares of Plains All American Pipeline, L.P. in a research note on Thursday, April 27th. Sixteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Plains All American Pipeline, L.P. currently has an average rating of “Hold” and an average target price of $30.45.

A number of institutional investors have recently added to or reduced their stakes in PAA. Tortoise Capital Advisors L.L.C. raised its position in Plains All American Pipeline, L.P. by 0.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 33,341,100 shares of the pipeline company’s stock valued at $875,871,000 after buying an additional 255,459 shares during the last quarter. Alps Advisors Inc. raised its position in Plains All American Pipeline, L.P. by 4.9% in the second quarter. Alps Advisors Inc. now owns 30,612,374 shares of the pipeline company’s stock valued at $804,187,000 after buying an additional 1,416,441 shares during the last quarter. Morgan Stanley raised its position in Plains All American Pipeline, L.P. by 37.2% in the first quarter. Morgan Stanley now owns 14,058,014 shares of the pipeline company’s stock valued at $444,373,000 after buying an additional 3,808,889 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its position in Plains All American Pipeline, L.P. by 0.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 10,982,925 shares of the pipeline company’s stock valued at $347,165,000 after buying an additional 91,200 shares during the last quarter. Finally, UBS Group AG raised its position in Plains All American Pipeline, L.P. by 12.5% in the first quarter. UBS Group AG now owns 9,370,040 shares of the pipeline company’s stock valued at $296,187,000 after buying an additional 1,038,051 shares during the last quarter. Institutional investors and hedge funds own 44.01% of the company’s stock.

The stock has a market cap of $15.23 billion, a price-to-earnings ratio of 19.53 and a beta of 0.95. The stock’s 50-day moving average is $25.84 and its 200-day moving average is $28.90.

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Plains All American Pipeline, L.P. Company Profile

Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Company’s transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges.

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