Plains All American Pipeline (NYSE:PAA) Price Target Raised to $24.00 at Raymond James

Plains All American Pipeline (NYSE:PAA) had its price target upped by Raymond James from $23.00 to $24.00 in a research note released on Tuesday,Benzinga reports. Raymond James currently has a strong-buy rating on the pipeline company’s stock.

A number of other brokerages also recently commented on PAA. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Friday, January 10th. Barclays increased their target price on Plains All American Pipeline from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Wells Fargo & Company lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.21.

Plains All American Pipeline Price Performance

PAA stock opened at $20.52 on Tuesday. The stock has a 50-day moving average price of $18.20 and a two-hundred day moving average price of $17.80. The company has a market cap of $14.44 billion, a PE ratio of 18.32 and a beta of 1.64. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 12-month low of $15.02 and a 12-month high of $21.00.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The firm had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. During the same quarter in the prior year, the company earned $0.35 EPS. The company’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts predict that Plains All American Pipeline will post 1.17 EPS for the current year.

Plains All American Pipeline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 7.41%. The ex-dividend date of this dividend is Friday, January 31st. This is an increase from Plains All American Pipeline’s previous quarterly dividend of $0.32. Plains All American Pipeline’s payout ratio is currently 113.39%.

Institutional Investors Weigh In On Plains All American Pipeline

Several large investors have recently added to or reduced their stakes in the stock. Wealthstar Advisors LLC acquired a new position in shares of Plains All American Pipeline during the fourth quarter valued at $606,000. Newbridge Financial Services Group Inc. acquired a new position in Plains All American Pipeline during the 4th quarter valued at about $27,000. Miller Howard Investments Inc. NY boosted its stake in Plains All American Pipeline by 1.5% during the 4th quarter. Miller Howard Investments Inc. NY now owns 2,610,872 shares of the pipeline company’s stock valued at $44,594,000 after purchasing an additional 38,062 shares during the period. Stephens Inc. AR increased its stake in shares of Plains All American Pipeline by 15.7% in the fourth quarter. Stephens Inc. AR now owns 110,735 shares of the pipeline company’s stock valued at $1,891,000 after purchasing an additional 15,049 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in shares of Plains All American Pipeline by 3.4% in the fourth quarter. Apollon Wealth Management LLC now owns 48,217 shares of the pipeline company’s stock valued at $824,000 after purchasing an additional 1,607 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

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.