Plains All American Pipeline (NYSE:PAA) Cut to Buy at StockNews.com

StockNews.com cut shares of Plains All American Pipeline (NYSE:PAA) from a strong-buy rating to a buy rating in a research note released on Tuesday.

A number of other research firms have also recently commented on PAA. Truist Financial upped their target price on Plains All American Pipeline from $21.00 to $23.00 and gave the company a buy rating in a research note on Tuesday, March 19th. Stifel Nicolaus increased their target price on Plains All American Pipeline from $18.00 to $22.00 and gave the stock a buy rating in a research note on Tuesday. Scotiabank assumed coverage on shares of Plains All American Pipeline in a research note on Monday, April 8th. They set a sector outperform rating and a $23.00 target price for the company. Citigroup upped their price target on shares of Plains All American Pipeline from $16.50 to $17.50 and gave the stock a neutral rating in a report on Friday, March 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Plains All American Pipeline from $14.50 to $16.00 and gave the company a sell rating in a report on Friday, April 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Plains All American Pipeline has a consensus rating of Moderate Buy and a consensus price target of $18.96.

Plains All American Pipeline Stock Down 1.4 %

NYSE PAA opened at $17.26 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 52 week low of $12.07 and a 52 week high of $19.03. The firm has a market capitalization of $12.10 billion, a price-to-earnings ratio of 12.42 and a beta of 1.59. The company has a fifty day moving average of $16.91 and a two-hundred day moving average of $15.91.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $12.70 billion during the quarter, compared to analysts’ expectations of $14.30 billion. Plains All American Pipeline had a net margin of 2.39% and a return on equity of 10.48%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 EPS. On average, analysts predict that Plains All American Pipeline will post 1.25 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be given a $0.3175 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.27 annualized dividend and a dividend yield of 7.36%. Plains All American Pipeline’s payout ratio is presently 91.37%.

Hedge Funds Weigh In On Plains All American Pipeline

Several institutional investors have recently bought and sold shares of PAA. Capital Advisors Inc. OK bought a new stake in Plains All American Pipeline during the 4th quarter valued at $4,234,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Plains All American Pipeline by 9.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,908,296 shares of the pipeline company’s stock valued at $195,561,000 after purchasing an additional 1,135,737 shares in the last quarter. ING Groep NV grew its stake in Plains All American Pipeline by 12.2% in the third quarter. ING Groep NV now owns 3,043,600 shares of the pipeline company’s stock valued at $46,628,000 after purchasing an additional 332,000 shares during the last quarter. DAVENPORT & Co LLC bought a new position in Plains All American Pipeline in the fourth quarter worth about $182,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Plains All American Pipeline by 374.7% during the third quarter. Envestnet Asset Management Inc. now owns 229,923 shares of the pipeline company’s stock valued at $3,522,000 after buying an additional 181,484 shares during the last quarter. 41.78% of the stock is owned by hedge funds and other institutional investors.

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.