Piper Jaffray Companies Initiates Coverage on Plains All American Pipeline (NYSE:PAA)

Piper Jaffray Companies started coverage on shares of Plains All American Pipeline (NYSE:PAA) in a research report released on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued an overweight rating and a $31.00 target price on the pipeline company’s stock. Piper Jaffray Companies also issued estimates for Plains All American Pipeline’s Q2 2019 earnings at $0.40 EPS, Q3 2019 earnings at $0.49 EPS, Q4 2019 earnings at $0.56 EPS, FY2019 earnings at $2.13 EPS, Q1 2020 earnings at $0.50 EPS, Q2 2020 earnings at $0.50 EPS, Q3 2020 earnings at $0.52 EPS, Q4 2020 earnings at $0.51 EPS, FY2020 earnings at $2.03 EPS and FY2021 earnings at $2.11 EPS.

PAA has been the subject of a number of other research reports. Wolfe Research cut shares of Enbridge from an outperform rating to a peer perform rating and set a $37.00 target price for the company. in a research report on Thursday, June 13th. Royal Bank of Canada reissued an equal weight rating on shares of Lululemon Athletica in a research report on Friday, June 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have given a buy rating to the company’s stock. Plains All American Pipeline presently has an average rating of Buy and a consensus target price of $28.73.

PAA stock opened at $24.60 on Wednesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 1.02. The stock’s fifty day moving average is $23.98. Plains All American Pipeline has a one year low of $19.33 and a one year high of $27.70. The company has a market capitalization of $17.88 billion, a PE ratio of 10.70 and a beta of 1.00.



Plains All American Pipeline (NYSE:PAA) last announced its earnings results on Tuesday, May 7th. The pipeline company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.10. The company had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $8.77 billion. Plains All American Pipeline had a net margin of 8.51% and a return on equity of 20.70%. Plains All American Pipeline’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.61 earnings per share. Research analysts expect that Plains All American Pipeline will post 2.22 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $1.44 annualized dividend and a yield of 5.85%. Plains All American Pipeline’s dividend payout ratio is 76.60%.

In related news, insider Emg Investment, Llc sold 8,179,284 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $23.10, for a total transaction of $188,941,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Chickasaw Capital Management LLC raised its stake in Plains All American Pipeline by 19.1% during the second quarter. Chickasaw Capital Management LLC now owns 9,784,469 shares of the pipeline company’s stock worth $238,252,000 after acquiring an additional 1,572,459 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in Plains All American Pipeline by 9.8% during the first quarter. CIBC Private Wealth Group LLC now owns 7,987,029 shares of the pipeline company’s stock worth $195,762,000 after acquiring an additional 712,077 shares in the last quarter. Bank of Montreal Can raised its stake in Plains All American Pipeline by 30.4% during the first quarter. Bank of Montreal Can now owns 7,168,945 shares of the pipeline company’s stock worth $175,711,000 after acquiring an additional 1,671,285 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in Plains All American Pipeline by 5.7% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 3,604,656 shares of the pipeline company’s stock worth $88,350,000 after acquiring an additional 195,933 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Plains All American Pipeline by 3.0% during the fourth quarter. BlackRock Inc. now owns 2,934,212 shares of the pipeline company’s stock worth $58,802,000 after acquiring an additional 84,614 shares in the last quarter. 48.43% of the stock is owned by institutional investors and hedge funds.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

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Analyst Recommendations for Plains All American Pipeline (NYSE:PAA)

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