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Institutional Activity in Major MLPs in 2Q17

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Part 5
Institutional Activity in Major MLPs in 2Q17 PART 5 OF 10

Morgan Stanley Sold Position in Plains All American Pipeline

Recent institutional activity in PAA

In 2Q17, Morgan Stanley Investment Management and UBS Financial Services sold major positions in Plains All American Pipeline (PAA). The MLP is one of the largest crude oil pipeline networks in the United States. They sold 4.1 million and 3.4 million shares, respectively.

Morgan Stanley Sold Position in Plains All American Pipeline

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Overall, PAA saw total buying of 11.3 million shares from institutional investors during the quarter, while 14.8 million shares were sold. That might indicate a bearish sentiment in PAA. Among the top institutional holders, 5.3 million positions were added. BofA (Bank of America) Merrill Lynch and Goldman Sachs were the biggest buyers with 2.9 million and 2.6 million shares bought, respectively.

The institutional investor that sold its position in PAA during 2Q17 seemed to have sensed the storm coming. PAA, which has a high crude oil and volumes exposure, announced weak 2Q17 earnings and its plans for a second distribution cut. For more details, read Plains All American’s 45.5% Distribution Cut: What’s the Story?

Top five holders

Tortoise Capital Advisors, Alps Advisors, Goldman Sachs Asset Management, Harvest Fund Advisors, and BofA Merrill Lynch are the top five institutional holders in PAA. Tortoise Capital Advisors continues to be the top holder in the partnership. It currently holds 4.6% in PAA.

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