PLAINS ALL AMERN PIPELINE L PAA
UNIT LTD PARTN · MLP · CUSIP 726503105
Midstream oil and gas company
- SectorEnergy
- IndustryPipe Lines (No Natural Gas)
- HeadquartersHouston, TX
- Founded1981
- Websiteplainsallamerican.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($8.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.32. Options: 14 managers hold calls ($213.6m notional), 12 hold puts ($87.9m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 324 |
| Q4 2022 | 335 |
| Q1 2023 | 331 |
| Q2 2023 | 326 |
| Q3 2023 | 338 |
| Q4 2023 | 349 |
| Q1 2024 | 359 |
| Q2 2024 | 357 |
| Q3 2024 | 370 |
| Q4 2024 | 382 |
| Q1 2025 | 383 |
| Q2 2025 | 382 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 140 | 108 |
| Q4 2023 | 132 | 131 |
| Q1 2024 | 144 | 124 |
| Q2 2024 | 137 | 122 |
| Q3 2024 | 160 | 96 |
| Q4 2024 | 153 | 116 |
| Q1 2025 | 161 | 129 |
| Q2 2025 | 169 | 114 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $105.8m | $81.6m | 0.77 |
| Q4 2024 | $89.0m | $66.7m | 0.75 |
| Q1 2025 | $171.9m | $58.8m | 0.34 |
| Q2 2025 | $213.6m | $87.9m | 0.41 |
Biggest buyers
| ALPS ADVISORS INC | Added | +5.4m |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | Added | +3.2m |
| Invesco Ltd. | Added | +3.0m |
| UBS Group AG | Added | +2.2m |
| BANK OF AMERICA CORP /DE/ | Added | +1.2m |
| ROYAL BANK OF CANADA | Added | +630.8k |
| Jump Financial, LLC | Added | +419.6k |
| CIBC Private Wealth Group LLC | Added | +319.9k |
| PEAK6 LLC | New | +263.7k |
| Corient Private Wealth LP | Added | +218.6k |
Biggest sellers
| Brookfield Corp /ON/ | Reduced | -10.3m |
| MORGAN STANLEY | Reduced | -4.4m |
| GOLDMAN SACHS GROUP INC | Reduced | -3.0m |
| TORTOISE CAPITAL ADVISORS, L.L.C. | Reduced | -3.0m |
| Pathstone Holdings, LLC | Reduced | -1.8m |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -869.3k |
| ACADIAN ASSET MANAGEMENT LLC | Reduced | -860.1k |
| NORTHERN TRUST CORP | Reduced | -781.0k |
| ING GROEP NV | Reduced | -737.3k |
| HRT FINANCIAL LP | Sold out | -626.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $63.2m3.4m shares |
| GROUP ONE TRADING LLC | Added | $44.0m2.4m shares |
| CITADEL ADVISORS LLC | Added | $31.5m1.7m shares |
| JANE STREET GROUP, LLC | Added | $31.0m1.7m shares |
| IMC-Chicago, LLC | Added | $18.0m984.6k shares |
| SIMPLEX TRADING, LLC | Added | $11.0m599.6k shares |
| WELLS FARGO & COMPANY/MN | Unchanged | $5.2m285.1k shares |
| WOLVERINE TRADING, LLC | New | $3.7m201.4k shares |
| Caption Management, LLC | Unchanged | $3.6m195.4k shares |
| PEAK6 LLC | Reduced | $1.3m72.2k shares |
Biggest puts
| PEAK6 LLC | Added | $22.5m1.2m shares |
| CITADEL ADVISORS LLC | Added | $19.7m1.1m shares |
| GROUP ONE TRADING LLC | Added | $17.1m933.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $14.5m789.1k shares |
| SIMPLEX TRADING, LLC | Added | $3.9m214.2k shares |
| Squarepoint Ops LLC | Added | $3.4m183.2k shares |
| JANE STREET GROUP, LLC | Added | $3.0m162.3k shares |
| IMC-Chicago, LLC | Added | $2.8m155.1k shares |
| WOLVERINE TRADING, LLC | New | $816.2k44.7k shares |
| CenterStar Asset Management, LLC | New | $197.9k10.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| ALPS ADVISORS INC 13G · institution -0.2 pts · filed 2026-10-07 | 9.8% |
Fell to 5% or below in the last year: CIBC Private Wealth Group LLC (0.0%, 2026-10-05)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $545.3k | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| ALPS ADVISORS INC 7.86% of their portfolio | 74.4m $1.4bn | Added +5.4m |
| Invesco Ltd. 0.10% of their portfolio | 32.6m $597.3m | Added +3.0m |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 18.2m $332.8m | Reduced -3.0m |
| Blackstone Inc. 1.32% of their portfolio | 16.0m $292.9m | Reduced -304.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.57% of their portfolio | 16.0m $292.7m | Reduced -487.1k |
| UBS Group AG 0.04% of their portfolio | 10.4m $190.6m | Added +2.2m |
| TORTOISE CAPITAL ADVISORS, L.L.C. 2.27% of their portfolio | 9.5m $173.8m | Reduced -3.0m |
| Brookfield Corp /ON/ 0.15% of their portfolio | 6.8m $124.1m | Reduced -10.3m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 6.2m $114.2m | Added +146.1k |
| MORGAN STANLEY 0.01% of their portfolio | 5.9m $108.1m | Reduced -4.4m |
| KAYNE ANDERSON CAPITAL ADVISORS LP 2.18% of their portfolio | 5.1m $93.8m | Reduced -402.0k |
| CIBC Private Wealth Group LLC 0.16% of their portfolio | 5.0m $90.7m | Added +319.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.6m $83.8m | Added +1.2m |
| EAGLE GLOBAL ADVISORS LLC 2.87% of their portfolio | 3.9m $71.0m | Reduced -361.6k |
| Fractal Investments LLC 10.02% of their portfolio | 3.8m $70.2m | Unchanged |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC 7.17% of their portfolio | 3.2m $59.5m | Added +3.2m |
| MILLER HOWARD INVESTMENTS INC /NY 1.66% of their portfolio | 2.9m $52.5m | Added +3.0k |
| Clearbridge Investments, LLC 0.04% of their portfolio | 2.7m $48.9m | Reduced -466.9k |
| CHICKASAW CAPITAL MANAGEMENT LLC 1.86% of their portfolio | 2.6m $46.9m | Added +204.4k |
| ING GROEP NV 0.28% of their portfolio | 2.5m $45.5m | Reduced -737.3k |
| BARCLAYS PLC 0.02% of their portfolio | 2.1m $39.2m | Added +95.7k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 2.1m $38.8m | Reduced -133.3k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.40% of their portfolio | 1.9m $34.0m | Reduced -330.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 1.8m $32.8m | Reduced -869.3k |
| Pathstone Holdings, LLC 0.13% of their portfolio | 1.8m $32.4m | Reduced -1.8m |
| Fayez Sarofim & Co 0.07% of their portfolio | 1.7m $30.9m | Unchanged |
| WESTWOOD HOLDINGS GROUP INC 0.22% of their portfolio | 1.6m $30.1m | Reduced -52.3k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.5m $27.8m | Reduced -119.9k |
| FMR LLC 0.00% of their portfolio | 1.5m $27.2m | Reduced -23.7k |
| COHEN & STEERS, INC. 0.05% of their portfolio | 1.4m $25.1m | Reduced -154.9k |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC 5.95% of their portfolio | 1.3m $24.1m | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.2m $21.7m | Added +630.8k |
| Bollard Group LLC 0.49% of their portfolio | 1.1m $20.7m | Added +132.0k |
| Energy Income Partners, LLC 0.41% of their portfolio | 1.1m $20.7m | Reduced -20.9k |
| Mariner, LLC 0.03% of their portfolio | 980.1k $18.0m | Added +6.1k |
| Adams Asset Advisors, LLC 2.03% of their portfolio | 787.9k $14.4m | Added +24.8k |
| ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio | 761.1k $13.9m | Reduced -860.1k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 698.5k $12.8m | Added +33.7k |
| Waverly Advisors, LLC 0.14% of their portfolio | 679.1k $12.4m | Reduced -31.0k |
| LPL Financial LLC 0.00% of their portfolio | 662.8k $12.1m | Added +45.8k |
| NorthCoast Asset Management LLC 0.05% of their portfolio | 637.5k $11.7m | Reduced -17.8k |
| NBW CAPITAL LLC 2.47% of their portfolio | 624.1k $11.4m | Reduced -31.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 602.2k $11.0m | Added +5.1k |
| Texas Yale Capital Corp. 0.35% of their portfolio | 577.3k $10.6m | Reduced -3.9k |
| WALNUT PRIVATE EQUITY PARTNERS, LLC 5.89% of their portfolio | 550.0k $10.1m | Added +25.0k |
| Sovereign Investment Advisors, LLC 2.66% of their portfolio | 528.9k $9.7m | Unchanged |
| Jump Financial, LLC 0.12% of their portfolio | 520.6k $9.5m | Added +419.6k |
| Nuveen, LLC 0.00% of their portfolio | 520.5k $9.5m | Added +106.1k |
| EXCHANGE TRADED CONCEPTS, LLC 0.12% of their portfolio | 494.9k $9.1m | Reduced -16.2k |
| Corient Private Wealth LP 0.01% of their portfolio | 460.6k $8.4m | Added +218.6k |
| CITIGROUP INC 0.01% of their portfolio | 454.4k $8.3m | Reduced -591.0k |
| HENNESSY ADVISORS INC 0.27% of their portfolio | 438.2k $8.0m | Unchanged |
| Maryland State Retirement & Pension System 0.17% of their portfolio | 418.3k $7.7m | Added +24.4k |
| AMERICAN FINANCIAL GROUP INC 2.83% of their portfolio | 412.5k $7.6m | Unchanged |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 404.9k $7.4m | Added +16.1k |
| HighTower Advisors, LLC 0.01% of their portfolio | 398.2k $7.3m | Reduced -23.7k |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 376.7k $7.3m | Added +190.5k |
| U.S. Capital Wealth Advisors, LLC 0.20% of their portfolio | 366.7k $6.7m | Added +94.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 363.6k $6.7m | Added +14.3k |
| Advisors Asset Management, Inc. 0.11% of their portfolio | 323.6k $5.9m | Added +46.4k |
| Americana Partners, LLC 0.17% of their portfolio | 273.3k $5.0m | Added +15.7k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 270.2k $5.0m | Reduced -73.1k |
| SPIRIT OF AMERICA MANAGEMENT CORP/NY 1.03% of their portfolio | 269.3k $4.9m | Reduced -63.0k |
| PEAK6 LLC 0.09% of their portfolio | 263.7k $4.8m | New |
| CWA Asset Management Group, LLC 0.19% of their portfolio | 242.0k $4.4m | Reduced -12.6k |
| BlackRock, Inc. 0.00% of their portfolio | 225.8k $4.1m | Unchanged |
| Crescent Grove Advisors, LLC 0.39% of their portfolio | 220.5k $4.0m | Added +20.2k |
| Glenmede Investment Management, LP 0.02% of their portfolio | 218.2k $4.0m | First filing |
| Chicago Partners Investment Group LLC 0.11% of their portfolio | 212.3k $4.0m | Reduced -2.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 206.2k $3.8m | Reduced -781.0k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.10% of their portfolio | 202.1k $3.7m | Reduced -54.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 194.3k $3.6m | New |
| Cetera Investment Advisers 0.01% of their portfolio | 194.0k $3.6m | Added +3.1k |
| Forvis Mazars Wealth Advisors, LLC 0.07% of their portfolio | 181.6k $3.3m | Unchanged |
| ELCO Management Co., LLC 1.71% of their portfolio | 178.1k $3.3m | Added +2.3k |
| Private Advisor Group, LLC 0.02% of their portfolio | 177.2k $3.2m | Added +5.3k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 160.9k $2.9m | Added +13.0k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 159.3k $2.9m | Added +14.1k |
| RR Advisors, LLC 0.70% of their portfolio | 159.0k $2.9m | Unchanged |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 156.1k $2.9m | Unchanged |
| MANNING & NAPIER ADVISORS LLC 0.03% of their portfolio | 150.0k $2.7m | Unchanged |
| Callodine Capital Management, LP 0.28% of their portfolio | 150.0k $2.7m | Unchanged |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 0.16% of their portfolio | 145.3k $2.7m | Reduced -38.8k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 143.7k $2.6m | Added +5.2k |
| DIVIDEND ASSETS CAPITAL, LLC 0.48% of their portfolio | 142.8k $2.6m | Added +12.4k |
| Rydar Equities, Inc. 2.06% of their portfolio | 142.5k $2.6m | First filing |
| BRIDGES INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 136.9k $2.5m | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 133.7k $2.4m | Reduced -1.0k |
| Fort Sheridan Advisors LLC 0.32% of their portfolio | 123.7k $2.3m | Unchanged |
| US BANCORP \DE\ 0.00% of their portfolio | 123.2k $2.3m | Reduced -3.1k |
| Cresset Asset Management, LLC 0.01% of their portfolio | 115.8k $2.1m | Added +42.3k |
| Oxbow Advisors, LLC 0.23% of their portfolio | 113.9k $2.1m | Reduced -4.0k |
| STEPHENS INC /AR/ 0.03% of their portfolio | 111.8k $2.0m | Added +18.2k |
| NewEdge Advisors, LLC 0.01% of their portfolio | 111.3k $2.0m | Added +98.3k |
| Icon Wealth Advisors, LLC 0.14% of their portfolio | 111.0k $2.0m | Added +335 |
| Kestra Advisory Services, LLC 0.01% of their portfolio | 109.8k $2.0m | Added +15.8k |
| Janney Montgomery Scott LLC 0.01% of their portfolio | 105.3k $1.9m | Added +3.4k |
| Cerity Partners LLC 0.00% of their portfolio | 104.7k $1.9m | Reduced -10.4k |
| Wealth Alliance Advisory Group, LLC 0.36% of their portfolio | 103.7k $1.9m | Added +10.4k |
| BOKF, NA 0.03% of their portfolio | 100.7k $1.8m | Reduced -940 |