Plains All American Pipeline (NYSE:PAA) Upgraded to “Strong-Buy” at StockNews.com

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

Several other analysts also recently commented on the stock. Truist Financial raised their price objective on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock a buy rating in a research report on Tuesday, March 19th. UBS Group raised their price objective on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the stock a buy rating in a research report on Friday, April 12th. Scotiabank started coverage on shares of Plains All American Pipeline in a research report on Monday, April 8th. They set a sector outperform rating and a $23.00 price objective for the company. The Goldman Sachs Group raised their price objective on shares of Plains All American Pipeline from $14.50 to $16.00 and gave the stock a sell rating in a research report on Friday, April 12th. Finally, Stifel Nicolaus raised their price objective on shares of Plains All American Pipeline from $18.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $18.96.

Plains All American Pipeline Stock Up 1.1 %

Shares of NYSE PAA opened at $18.25 on Wednesday. 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 $12.07 and a 1 year high of $19.03. The company has a 50 day simple moving average of $17.19 and a 200 day simple moving average of $16.03. The firm has a market cap of $12.79 billion, a PE ratio of 12.62 and a beta of 1.59.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.06. Plains All American Pipeline had a net margin of 2.39% and a return on equity of 10.48%. The firm had revenue of $12.70 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same quarter last year, the business earned $0.33 EPS. The company’s revenue was down 2.0% compared to the same quarter last year. On average, research analysts forecast that Plains All American Pipeline will post 1.27 EPS for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a yield of 6.96%. Plains All American Pipeline’s dividend payout ratio is presently 91.37%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PAA. Blackstone Inc. boosted its position in Plains All American Pipeline by 131.6% during the third quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock worth $371,771,000 after purchasing an additional 13,787,485 shares during the period. Alps Advisors Inc. lifted its holdings in shares of Plains All American Pipeline by 14.3% in the third quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock worth $1,026,923,000 after buying an additional 8,406,683 shares in the last quarter. UBS Group AG lifted its holdings in shares of Plains All American Pipeline by 89.3% in the fourth quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock worth $129,630,000 after buying an additional 4,035,328 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Plains All American Pipeline by 11.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,772,559 shares of the pipeline company’s stock worth $180,356,000 after buying an additional 1,197,006 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of Plains All American Pipeline in the third quarter worth about $11,188,000. Institutional investors own 41.78% of the company’s stock.

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.