Plains All American Pipeline (NYSE:PAA) Given New $23.00 Price Target at Scotiabank

Plains All American Pipeline (NYSE:PAA) had its target price upped by Scotiabank from $22.00 to $23.00 in a research report report published on Monday, Marketbeat Ratings reports. They currently have a sector outperform rating on the pipeline company’s stock.

A number of other equities analysts also recently weighed in on the stock. Barclays increased their price target on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Monday. Bank of America downgraded Plains All American Pipeline from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a report on Wednesday, January 28th. Mizuho set a $23.00 target price on Plains All American Pipeline in a report on Friday, January 23rd. Raymond James Financial reaffirmed a “strong-buy” rating and set a $22.00 price target (down from $24.00) on shares of Plains All American Pipeline in a research report on Friday, October 24th. Finally, Wells Fargo & Company increased their price objective on shares of Plains All American Pipeline from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Plains All American Pipeline presently has a consensus rating of “Hold” and an average price target of $20.91.

Plains All American Pipeline Price Performance

PAA stock opened at $19.28 on Monday. The stock has a market capitalization of $13.60 billion, a price-to-earnings ratio of 26.41 and a beta of 0.60. The stock’s fifty day simple moving average is $18.45 and its 200-day simple moving average is $17.63. Plains All American Pipeline has a 52-week low of $15.57 and a 52-week high of $20.77. 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 issued its quarterly earnings results on Friday, February 6th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.33). Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%.During the same period last year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. Equities research analysts expect that Plains All American Pipeline will post 1.52 EPS for the current year.

Plains All American Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date of this dividend is Friday, January 30th. This is an increase from Plains All American Pipeline’s previous quarterly dividend of $0.38. Plains All American Pipeline’s dividend payout ratio is currently 100.60%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Bancorp USA Inc. acquired a new stake in Plains All American Pipeline during the 3rd quarter valued at approximately $87,462,000. Invesco Ltd. boosted its stake in shares of Plains All American Pipeline by 10.1% during the 2nd quarter. Invesco Ltd. now owns 32,602,733 shares of the pipeline company’s stock valued at $597,282,000 after buying an additional 3,003,351 shares during the last quarter. Berkley W R Corp acquired a new stake in shares of Plains All American Pipeline during the third quarter worth approximately $32,871,000. Alps Advisors Inc. increased its stake in shares of Plains All American Pipeline by 2.2% in the third quarter. Alps Advisors Inc. now owns 76,066,823 shares of the pipeline company’s stock worth $1,297,700,000 after buying an additional 1,663,908 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its holdings in Plains All American Pipeline by 18.9% in the second quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the pipeline company’s stock valued at $124,112,000 after acquiring an additional 1,076,291 shares in the last quarter. Hedge funds and other institutional investors own 41.78% of the company’s stock.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. (NYSE: PAA) is a prominent North American midstream energy company that specializes in the transportation, storage and marketing of crude oil, natural gas liquids (NGLs) and refined products. The partnership’s integrated infrastructure network supports the movement of hydrocarbons from major supply basins to domestic and export markets, providing connectivity between production areas, refineries and marine terminals. Plains All American’s services include long-haul and short-haul pipeline systems, inventory services and fee-based storage contracts, helping producers and refiners optimize supply chains and manage market access.

The company operates an extensive onshore pipeline network that spans major U.S.