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 ($5.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $22.31. Options: 10 managers hold calls ($306.7m notional), 9 hold puts ($62.7m).
Trends to Q1 2026
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 |
| Q3 2025 | 372 |
| Q4 2025 | 374 |
| Q1 2026 | 411 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 137 | 122 |
| Q3 2024 | 160 | 96 |
| Q4 2024 | 153 | 116 |
| Q1 2025 | 161 | 129 |
| Q2 2025 | 169 | 114 |
| Q3 2025 | 148 | 124 |
| Q4 2025 | 162 | 116 |
| Q1 2026 | 181 | 122 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $213.6m | $87.9m | 0.41 |
| Q3 2025 | $184.7m | $69.3m | 0.38 |
| Q4 2025 | $199.3m | $53.4m | 0.27 |
| Q1 2026 | $306.7m | $62.7m | 0.20 |
Biggest buyers
| Blackstone Inc. | Added | +5.4m |
| Brookfield Corp /ON/ | Added | +3.0m |
| BNP PARIBAS FINANCIAL MARKETS | Added | +1.7m |
| MORGAN STANLEY | Added | +1.5m |
| WESTWOOD HOLDINGS GROUP INC | Added | +1.5m |
| TORTOISE CAPITAL ADVISORS, L.L.C. | Added | +1.3m |
| KAYNE ANDERSON CAPITAL ADVISORS LP | Added | +1.1m |
| UBS Group AG | Added | +989.8k |
| HRT FINANCIAL LP | Added | +834.9k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | Added | +761.7k |
Biggest sellers
| GOLDMAN SACHS GROUP INC | Reduced | -3.5m |
| ALPS ADVISORS INC | Reduced | -2.9m |
| JPMORGAN CHASE & CO | Reduced | -2.0m |
| Pathstone Holdings, LLC | Reduced | -1.9m |
| EAGLE GLOBAL ADVISORS LLC | Reduced | -1.4m |
| Turas Capital Management LP | Sold out | -598.1k |
| COHEN & STEERS, INC. | Reduced | -523.1k |
| BANK OF AMERICA CORP /DE/ | Reduced | -457.5k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | Reduced | -400.0k |
| Corient Private Wealth LP | Reduced | -389.8k |
Biggest calls
| PEAK6 LLC | Added | $75.3m3.4m shares |
| GROUP ONE TRADING LLC | Reduced | $56.8m2.5m shares |
| CITADEL ADVISORS LLC | Added | $49.5m2.2m shares |
| JANE STREET GROUP, LLC | Added | $49.5m2.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $35.8m1.6m shares |
| IMC-Chicago, LLC | Reduced | $17.0m761.8k shares |
| SIMPLEX TRADING, LLC | Added | $15.5m695.3k shares |
| BNP PARIBAS FINANCIAL MARKETS | New | $5.6m2.5k shares |
| WELLS FARGO & COMPANY/MN | New | $935.6k41.9k shares |
| CenterStar Asset Management, LLC | New | $728.0k32.6k shares |
Biggest puts
| CITADEL ADVISORS LLC | Reduced | $12.6m565.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $11.7m524.6k shares |
| GROUP ONE TRADING LLC | Added | $10.1m452.3k shares |
| IMC-Chicago, LLC | Added | $8.2m365.9k shares |
| JANE STREET GROUP, LLC | Added | $7.0m314.7k shares |
| PEAK6 LLC | Reduced | $6.3m280.0k shares |
| SIMPLEX TRADING, LLC | Added | $4.9m218.3k shares |
| CenterStar Asset Management, LLC | New | $1.6m73.3k shares |
| BNP PARIBAS FINANCIAL MARKETS | New | $334.9k150 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 Q1 2026
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.
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| ALPS ADVISORS INC 7.68% of their portfolio | 73.1m $1.6bn | Reduced -2.9m |
| Invesco Ltd. 0.07% of their portfolio | 33.4m $745.5m | Reduced -123.2k |
| Blackstone Inc. 1.71% of their portfolio | 18.7m $418.5m | Added +5.4m |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.52% of their portfolio | 17.1m $380.8m | Added +761.7k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 16.5m $369.4m | Reduced -3.5m |
| MORGAN STANLEY 0.02% of their portfolio | 11.4m $254.6m | Added +1.5m |
| TORTOISE CAPITAL ADVISORS, L.L.C. 2.51% of their portfolio | 10.8m $241.0m | Added +1.3m |
| UBS Group AG 0.03% of their portfolio | 8.8m $195.8m | Added +989.8k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 2.65% of their portfolio | 6.2m $138.5m | Added +1.1m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.9m $109.5m | Reduced -457.5k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.9m $87.8m | Reduced -2.0m |
| CIBC Bancorp USA Inc. 0.11% of their portfolio | 3.8m $84.0m | First filing |
| Brookfield Corp /ON/ 0.11% of their portfolio | 3.7m $82.4m | Added +3.0m |
| Fractal Investments LLC 9.58% of their portfolio | 3.6m $81.0m | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 3.3m $74.5m | Added +1.7m |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC 6.48% of their portfolio | 3.1m $69.0m | Added +130.2k |
| MILLER HOWARD INVESTMENTS INC /NY 1.71% of their portfolio | 2.8m $62.6m | Reduced -52.9k |
| BERKLEY W R CORP 3.22% of their portfolio | 2.7m $59.9m | Unchanged |
| Clearbridge Investments, LLC 0.05% of their portfolio | 2.7m $59.6m | Unchanged |
| CHICKASAW CAPITAL MANAGEMENT LLC 2.09% of their portfolio | 2.7m $59.3m | Reduced -67.7k |
| BARCLAYS PLC 0.02% of their portfolio | 2.3m $52.1m | Reduced -169.4k |
| EAGLE GLOBAL ADVISORS LLC 1.82% of their portfolio | 2.3m $50.6m | Reduced -1.4m |
| HRT FINANCIAL LP 0.18% of their portfolio | 2.3m $50.3m | Added +834.9k |
| COHEN & STEERS, INC. 0.08% of their portfolio | 2.0m $44.2m | Reduced -523.1k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 1.9m $42.1m | Unchanged |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.41% of their portfolio | 1.8m $39.7m | Reduced -400.0k |
| Fayez Sarofim & Co 0.09% of their portfolio | 1.7m $37.0m | Unchanged |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.6m $35.0m | Added +44.8k |
| WESTWOOD HOLDINGS GROUP INC 0.25% of their portfolio | 1.5m $34.3m | Added +1.5m |
| Energy Income Partners, LLC 0.48% of their portfolio | 1.3m $29.6m | Reduced -15.6k |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC 5.73% of their portfolio | 1.2m $27.5m | Reduced -364.1k |
| Bollard Group LLC 0.83% of their portfolio | 1.2m $27.1m | Added +86.6k |
| Mariner, LLC 0.03% of their portfolio | 1.0m $22.7m | Added +14.1k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 839.8k $18.8m | Added +54.2k |
| Adams Asset Advisors, LLC 2.06% of their portfolio | 823.1k $18.4m | Reduced -4.7k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.04% of their portfolio | 785.1k $17.5m | Added +432.7k |
| LPL Financial LLC 0.00% of their portfolio | 759.3k $17.0m | Added +23.3k |
| MIZUHO MARKETS AMERICAS LLC 0.47% of their portfolio | 753.2k $16.8m | New |
| Texas Yale Capital Corp. 0.42% of their portfolio | 665.9k $14.9m | Added +2.1k |
| Focus Partners Wealth 0.02% of their portfolio | 654.3k $14.6m | Reduced -3.4k |
| Waverly Advisors, LLC 0.10% of their portfolio | 622.8k $13.9m | Reduced -53.2k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 617.1k $13.8m | Added +10.9k |
| WALNUT PRIVATE EQUITY PARTNERS, LLC 7.42% of their portfolio | 602.3k $13.4m | Added +2.3k |
| Americana Partners, LLC 0.34% of their portfolio | 579.0k $12.9m | Added +507 |
| NEOS Investment Management LLC 0.06% of their portfolio | 575.6k $12.9m | Added +528.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 574.6k $12.8m | Added +18.8k |
| Sovereign Investment Advisors, LLC 2.50% of their portfolio | 528.9k $11.8m | Added +2.5k |
| EXCHANGE TRADED CONCEPTS, LLC 0.09% of their portfolio | 525.6k $11.7m | Reduced -40.0k |
| OpenArc Corporate Advisory, LLC 0.16% of their portfolio | 500.0k $11.2m | Unchanged |
| CITIGROUP INC 0.01% of their portfolio | 464.0k $10.4m | Reduced -331.6k |
| FMR LLC 0.00% of their portfolio | 447.9k $10.0m | Reduced -78.9k |
| Advisors Asset Management, Inc. 0.16% of their portfolio | 436.6k $9.7m | Added +20.9k |
| HighTower Advisors, LLC 0.01% of their portfolio | 433.8k $9.7m | Added +3.7k |
| Maryland State Retirement & Pension System 0.19% of their portfolio | 418.9k $9.4m | Reduced -19.9k |
| AMERICAN FINANCIAL GROUP INC 3.42% of their portfolio | 412.5k $9.2m | Unchanged |
| Corient Private Wealth LP 0.01% of their portfolio | 407.2k $4.7m | Reduced -389.8k |
| HENNESSY ADVISORS INC 0.33% of their portfolio | 403.3k $9.0m | Reduced -34.9k |
| U.S. Capital Wealth Advisors, LLC 0.21% of their portfolio | 379.4k $8.5m | Added +4.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 364.8k $8.1m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 363.2k $8.1m | Added +68.5k |
| Jump Financial, LLC 0.11% of their portfolio | 327.2k $7.3m | Reduced -101.3k |
| Pathstone Holdings, LLC 0.03% of their portfolio | 302.4k $6.8m | Reduced -1.9m |
| BRIDGES INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 256.2k $5.7m | Added +85.4k |
| BFSG, LLC 0.54% of their portfolio | 254.2k $5.7m | New |
| Cetera Investment Advisers 0.01% of their portfolio | 235.8k $5.3m | Added +20.3k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 233.4k $5.2m | Added +4.5k |
| GLENMEDE TRUST CO NA 0.03% of their portfolio | 230.8k $5.2m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 220.0k $4.9m | Reduced -4 |
| CWA Asset Management Group, LLC 0.16% of their portfolio | 214.4k $4.8m | Reduced -12.4k |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 210.2k $4.7m | Added +23.6k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 209.1k $4.7m | Added +59.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 205.5k $4.6m | Added +901 |
| Chicago Partners Investment Group LLC 0.10% of their portfolio | 205.2k $4.4m | Added +146 |
| MANNING & NAPIER ADVISORS LLC 0.06% of their portfolio | 200.0k $4.5m | Added +50.0k |
| Callodine Capital Management, LP 0.32% of their portfolio | 200.0k $4.5m | Added +50.0k |
| Nuveen, LLC 0.00% of their portfolio | 198.1k $4.4m | Reduced -140.7k |
| ANGELES WEALTH MANAGEMENT, LLC 0.23% of their portfolio | 192.8k $4.3m | New |
| SPIRIT OF AMERICA MANAGEMENT CORP/NY 0.80% of their portfolio | 182.3k $4.1m | Reduced -7.0k |
| Gilman Hill Asset Management, LLC 0.61% of their portfolio | 181.6k $4.1m | Added +44.6k |
| Cresset Asset Management, LLC 0.02% of their portfolio | 175.8k $3.9m | Added +49.1k |
| Aster Capital Management (DIFC) Ltd 1.15% of their portfolio | 175.3k $3.5m | New |
| Private Advisor Group, LLC 0.02% of their portfolio | 171.3k $3.8m | Added +2.1k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 167.9k $3.7m | Reduced -36.3k |
| ELCO Management Co., LLC 1.71% of their portfolio | 159.6k $3.6m | Added +143.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 158.3k $3.5m | Added +93.2k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 156.1k $3.5m | Reduced -200 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio | 155.1k $3.4m | Added +29.3k |
| US BANCORP \DE\ 0.00% of their portfolio | 150.0k $3.4m | Reduced -2.1k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 145.0k $3.2m | Added +18.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 143.6k $3.2m | Reduced -6.2k |
| Kestra Advisory Services, LLC 0.01% of their portfolio | 140.6k $3.1m | Added +2.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 140.1k $3.1m | Reduced -14.4k |
| PFG Investments, LLC 0.15% of their portfolio | 139.7k $3.1m | Added +1.4k |
| GraniteShares Advisors LLC 2.04% of their portfolio | 126.7k $2.8m | Reduced -24.6k |
| NewEdge Advisors, LLC 0.01% of their portfolio | 121.2k $2.7m | Added +3.2k |
| Cerity Partners LLC 0.00% of their portfolio | 119.5k $2.7m | Reduced -120.4k |
| Fort Sheridan Advisors LLC 0.32% of their portfolio | 118.9k $2.7m | Unchanged |
| DIVIDEND ASSETS CAPITAL, LLC 0.50% of their portfolio | 111.4k $2.5m | Reduced -21.2k |
| Oxbow Advisors, LLC 0.21% of their portfolio | 111.2k $2.5m | Reduced -2.7k |
| Clarus Group, Inc. 0.89% of their portfolio | 111.0k $2.5m | Reduced -3.4k |