Plains All American Pipeline (NYSE:PAA) Given New $18.00 Price Target at TD Securities

Plains All American Pipeline (NYSE:PAA) had its target price lifted by TD Securities from $17.00 to $18.00 in a note issued to investors on Monday, BayStreet.CA reports. The brokerage presently has a “hold” rating on the pipeline company’s stock. TD Securities’ price target points to a potential upside of 2.92% from the stock’s current price.

PAA has been the subject of a number of other research reports. Truist Financial raised their price target on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. StockNews.com cut Plains All American Pipeline from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Scotiabank initiated coverage on Plains All American Pipeline in a research note on Monday, April 8th. They set a “sector outperform” rating and a $23.00 price target on the stock. The Goldman Sachs Group raised their price objective on Plains All American Pipeline from $14.50 to $16.00 and gave the stock a “sell” rating in a research note on Friday, April 12th. Finally, UBS Group upped their target price on Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.08.

Plains All American Pipeline Stock Down 0.7 %

Shares of PAA stock opened at $17.49 on Monday. The stock’s fifty day moving average price is $17.42 and its 200 day moving average price is $16.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.87. Plains All American Pipeline has a 1-year low of $12.50 and a 1-year high of $19.03. The company has a market cap of $12.26 billion, a price-to-earnings ratio of 15.08 and a beta of 1.58.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $12 billion for the quarter, compared to analyst estimates of $12.98 billion. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, research analysts expect that Plains All American Pipeline will post 1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

Institutional investors have recently made changes to their positions in the company. Capital Advisors Inc. OK purchased a new position in Plains All American Pipeline in the fourth quarter valued at $4,234,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Plains All American Pipeline by 9.6% in the 4th 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 raised its holdings in Plains All American Pipeline by 12.2% in the 3rd quarter. ING Groep NV now owns 3,043,600 shares of the pipeline company’s stock worth $46,628,000 after purchasing an additional 332,000 shares during the period. DAVENPORT & Co LLC purchased a new position in Plains All American Pipeline during the fourth quarter worth approximately $182,000. Finally, Envestnet Asset Management Inc. grew its holdings in Plains All American Pipeline by 374.7% in the third 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 during the period. 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.