Plains All American Pipeline (NYSE:PAA) Price Target Raised to $20.00 at JPMorgan Chase & Co.

Plains All American Pipeline (NYSE:PAA) had its price target upped by JPMorgan Chase & Co. from $19.00 to $20.00 in a research report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the pipeline company’s stock.

A number of other analysts have also issued reports on the stock. UBS Group reiterated a “buy” rating on shares of Plains All American Pipeline in a research note on Friday, May 9th. Mizuho dropped their price target on shares of Plains All American Pipeline from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, May 20th. Raymond James Financial restated a “strong-buy” rating on shares of Plains All American Pipeline in a research note on Friday, May 9th. Scotiabank dropped their price target on shares of Plains All American Pipeline from $20.00 to $19.00 and set a “sector outperform” rating for the company in a research note on Thursday, June 5th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $23.00 price target on shares of Plains All American Pipeline in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.50.

Plains All American Pipeline Trading Up 3.8%

PAA opened at $18.41 on Wednesday. The firm has a market capitalization of $12.95 billion, a P/E ratio of 25.22 and a beta of 0.66. The firm’s 50 day moving average is $17.25 and its 200-day moving average is $18.41. Plains All American Pipeline has a 52-week low of $15.58 and a 52-week high of $21.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 EPS. Analysts expect that Plains All American Pipeline will post 1.52 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.26%. Plains All American Pipeline’s payout ratio is 163.44%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds and other institutional investors have recently modified their holdings of the company. BROOKFIELD Corp ON boosted its holdings in shares of Plains All American Pipeline by 50.2% during the first quarter. BROOKFIELD Corp ON now owns 5,698,359 shares of the pipeline company’s stock valued at $113,967,000 after acquiring an additional 1,904,261 shares during the period. Acadian Asset Management LLC lifted its holdings in Plains All American Pipeline by 1.6% in the first quarter. Acadian Asset Management LLC now owns 1,621,174 shares of the pipeline company’s stock worth $32,419,000 after purchasing an additional 25,978 shares during the period. Belpointe Asset Management LLC acquired a new stake in Plains All American Pipeline in the first quarter worth about $216,000. SCS Capital Management LLC acquired a new stake in Plains All American Pipeline in the first quarter worth about $699,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Plains All American Pipeline by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company’s stock worth $422,894,000 after purchasing an additional 1,524,185 shares during the period. Institutional investors and hedge funds own 41.78% of the company’s stock.

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.