Plains All American Pipeline (NYSE:PAA) Hits New 12-Month High After Analyst Upgrade

Plains All American Pipeline, L.P. (NYSE:PAA) shares hit a new 52-week high on Wednesday after UBS Group raised their price target on the stock from $21.00 to $22.00. UBS Group currently has a buy rating on the stock. Plains All American Pipeline traded as high as $19.03 and last traded at $18.97, with a volume of 1658084 shares traded. The stock had previously closed at $18.55.

PAA has been the topic of a number of other research reports. StockNews.com lowered shares of Plains All American Pipeline from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. TD Securities boosted their price target on Plains All American Pipeline from $17.00 to $18.00 and gave the company a “hold” rating in a research report on Monday, May 6th. Morgan Stanley raised their price objective on Plains All American Pipeline from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Scotiabank assumed coverage on Plains All American Pipeline in a report on Monday, April 8th. They set a “sector outperform” rating and a $23.00 target price for the company. Finally, Royal Bank of Canada increased their target price on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.38.

Institutional Trading of Plains All American Pipeline

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its position in shares of Plains All American Pipeline by 374.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 229,923 shares of the pipeline company’s stock valued at $3,522,000 after purchasing an additional 181,484 shares in the last quarter. LPL Financial LLC grew its holdings in Plains All American Pipeline by 19.0% during the 3rd quarter. LPL Financial LLC now owns 277,783 shares of the pipeline company’s stock worth $4,256,000 after acquiring an additional 44,441 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Plains All American Pipeline by 15.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,178 shares of the pipeline company’s stock worth $370,000 after purchasing an additional 3,255 shares during the last quarter. Axxcess Wealth Management LLC bought a new stake in shares of Plains All American Pipeline in the 3rd quarter worth about $517,000. Finally, Crestwood Advisors Group LLC acquired a new stake in shares of Plains All American Pipeline in the 3rd quarter valued at about $189,000. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Stock Up 1.9 %

The firm has a market cap of $13.25 billion, a P/E ratio of 16.36 and a beta of 1.61. The firm’s 50-day moving average price is $17.30 and its 200 day moving average price is $16.69. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.97 and a quick ratio of 0.88.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, May 3rd. The pipeline company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The company had revenue of $12 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the business posted $0.41 EPS. Plains All American Pipeline’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts expect that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were issued a dividend of $0.3175 per share. The ex-dividend date was Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.72%. Plains All American Pipeline’s dividend payout ratio (DPR) is 109.48%.

About Plains All American Pipeline

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.