Raymond James Boosts Plains All American Pipeline (NYSE:PAA) Price Target to $24.00

Plains All American Pipeline (NYSE:PAA) had its target price upped by Raymond James from $23.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price target indicates a potential upside of 16.28% from the stock’s previous close.

Several other brokerages also recently issued reports on PAA. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a research report on Friday, November 15th. Morgan Stanley lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Wells Fargo & Company cut shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Friday, January 10th. Finally, Scotiabank reiterated a “sector outperform” rating and issued a $23.00 price target on shares of Plains All American Pipeline in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.21.

Plains All American Pipeline Price Performance

Shares of NYSE:PAA opened at $20.64 on Tuesday. Plains All American Pipeline has a 1 year low of $15.02 and a 1 year high of $21.00. The business has a fifty day simple moving average of $18.26 and a 200 day simple moving average of $17.82. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The firm has a market cap of $14.52 billion, a price-to-earnings ratio of 18.43 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.06. The firm had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, sell-side analysts predict that Plains All American Pipeline will post 1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its holdings in Plains All American Pipeline by 2.4% in the second quarter. Envestnet Asset Management Inc. now owns 312,593 shares of the pipeline company’s stock valued at $5,583,000 after purchasing an additional 7,452 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Plains All American Pipeline by 39.9% in the 2nd quarter. Sei Investments Co. now owns 207,802 shares of the pipeline company’s stock valued at $3,711,000 after buying an additional 59,293 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Plains All American Pipeline by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock valued at $109,000 after buying an additional 856 shares in the last quarter. Sunbelt Securities Inc. raised its stake in Plains All American Pipeline by 53.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock worth $68,000 after buying an additional 1,318 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Plains All American Pipeline by 26.5% during the second quarter. Cetera Investment Advisers now owns 198,990 shares of the pipeline company’s stock worth $3,554,000 after purchasing an additional 41,638 shares during the period. Institutional investors own 41.78% of the company’s stock.

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.