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

Plains All American Pipeline, L.P. (NYSE:PAA – Get Rating) reached a new 52-week high on Thursday after Truist Financial raised their price target on the stock from $15.00 to $17.00. The stock traded as high as $13.49 and last traded at $13.49, with a volume of 1150835 shares trading hands. The stock had previously closed at $13.30.

PAA has been the topic of several other reports. Mizuho increased their price target on Plains All American Pipeline from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, February 1st. StockNews.com began coverage on Plains All American Pipeline in a report on Thursday. They set a “buy” rating on the stock. JPMorgan Chase & Co. increased their price target on Plains All American Pipeline from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, March 9th. Raymond James raised Plains All American Pipeline from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $16.00 to $17.00 in a report on Thursday, April 20th. Finally, Morgan Stanley raised their target price on Plains All American Pipeline from $16.00 to $17.00 in a report on Tuesday, April 25th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Plains All American Pipeline currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.68.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PAA. Moneta Group Investment Advisors LLC grew its position in shares of Plains All American Pipeline by 109,124.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 46,409,609 shares of the pipeline company’s stock valued at $545,777,000 after purchasing an additional 46,367,119 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Plains All American Pipeline by 77.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 12,068,722 shares of the pipeline company’s stock valued at $71,458,000 after purchasing an additional 5,262,241 shares in the last quarter. Invesco Ltd. grew its position in shares of Plains All American Pipeline by 38.9% during the first quarter. Invesco Ltd. now owns 17,415,219 shares of the pipeline company’s stock valued at $187,388,000 after purchasing an additional 4,880,244 shares in the last quarter. Morgan Stanley grew its position in shares of Plains All American Pipeline by 41.3% during the fourth quarter. Morgan Stanley now owns 13,389,097 shares of the pipeline company’s stock valued at $157,456,000 after purchasing an additional 3,915,370 shares in the last quarter. Finally, ING Groep NV grew its position in shares of Plains All American Pipeline by 96.1% during the fourth quarter. ING Groep NV now owns 7,652,900 shares of the pipeline company’s stock valued at $89,998,000 after purchasing an additional 3,750,000 shares in the last quarter. Hedge funds and other institutional investors own 42.26% of the company’s stock.

Plains All American Pipeline Trading Up 1.4 %

The stock has a market cap of $9.42 billion, a PE ratio of 8.88 and a beta of 1.70. The stock has a 50-day moving average price of $12.66 and a two-hundred day moving average price of $12.44. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.95 and a quick ratio of 0.87.

Plains All American Pipeline (NYSE:PAA – Get Rating) last announced its quarterly earnings results on Friday, May 5th. The pipeline company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Plains All American Pipeline had a net margin of 2.18% and a return on equity of 10.39%. The firm had revenue of $12.34 billion during the quarter, compared to the consensus estimate of $14.43 billion. During the same quarter last year, the firm earned $0.31 EPS. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. Sell-side analysts forecast that Plains All American Pipeline, L.P. will post 1.21 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 1st were issued a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a dividend yield of 7.93%. The ex-dividend date of this dividend was Friday, April 28th. Plains All American Pipeline’s payout ratio is 70.39%.

Plains All American Pipeline Company Profile

(Get Rating)

Plains All American Pipeline LP engages in the operation of midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids, and natural gas. It operates through the Crude Oil and Natural Gas Liquids (NGL) segments. The Crude Oil segment refers to the pipeline transportation, terminalling, storage, and gathering assets.