Chung Wu Investment Group LLC Invests $809,000 in Plains All American Pipeline, L.P. (NYSE:PAA)

Chung Wu Investment Group LLC purchased a new position in Plains All American Pipeline, L.P. (NYSE:PAA) in the fourth quarter, HoldingsChannel reports. The fund purchased 47,389 shares of the pipeline company’s stock, valued at approximately $809,000. Plains All American Pipeline makes up about 0.8% of Chung Wu Investment Group LLC’s portfolio, making the stock its 28th biggest holding.

Several other hedge funds also recently made changes to their positions in the company. Financial Sense Advisors Inc. grew its holdings in Plains All American Pipeline by 5.4% in the 4th quarter. Financial Sense Advisors Inc. now owns 16,027 shares of the pipeline company’s stock worth $274,000 after buying an additional 823 shares in the last quarter. Eclectic Associates Inc. ADV increased its holdings in shares of Plains All American Pipeline by 7.6% during the 4th quarter. Eclectic Associates Inc. ADV now owns 12,100 shares of the pipeline company’s stock valued at $207,000 after acquiring an additional 854 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Plains All American Pipeline by 5.4% during the 4th quarter. Valeo Financial Advisors LLC now owns 17,195 shares of the pipeline company’s stock worth $294,000 after buying an additional 885 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Plains All American Pipeline by 5.1% in the third quarter. Thrivent Financial for Lutherans now owns 18,146 shares of the pipeline company’s stock valued at $315,000 after purchasing an additional 887 shares during the last quarter. Finally, US Bancorp DE raised its stake in Plains All American Pipeline by 0.8% during the 4th quarter. US Bancorp DE now owns 126,392 shares of the pipeline company’s stock valued at $2,159,000 after purchasing an additional 1,003 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Wall Street Analyst Weigh In

PAA has been the topic of several analyst reports. Wells Fargo & Company lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $19.00 price objective on shares of Plains All American Pipeline in a report on Friday, November 15th. Wolfe Research raised shares of Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Friday, January 10th. Raymond James boosted their target price on Plains All American Pipeline from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, Scotiabank reiterated a “sector outperform” rating and issued a $23.00 price target on shares of Plains All American Pipeline in a report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.21.

Plains All American Pipeline Stock Performance

NYSE PAA opened at $18.95 on Thursday. Plains All American Pipeline, L.P. has a 1 year low of $16.21 and a 1 year high of $21.00. The company has a fifty day moving average price of $19.43 and a 200-day moving average price of $18.18. The firm has a market cap of $13.33 billion, a price-to-earnings ratio of 25.96 and a beta of 1.65. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92.

Plains All American Pipeline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.38 dividend. This is an increase from Plains All American Pipeline’s previous quarterly dividend of $0.32. This represents a $1.52 dividend on an annualized basis and a yield of 8.02%. The ex-dividend date of this dividend was Friday, January 31st. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 208.22%.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.