Plains All American Pipeline (NYSE:PAA) Trading Up 4.7% After Dividend Announcement

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) rose 4.7% during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $18.55 and last traded at $18.46. Approximately 970,842 shares traded hands during trading, a decline of 72% from the average daily volume of 3,452,345 shares. The stock had previously closed at $17.63.

The newly announced dividend which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.38 per share. This is a positive change from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 8.05%. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 113.39%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $22.00 to $19.00 in a research report 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 target price on the stock in a research note on Friday. Wells Fargo & Company cut shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 target price on shares of Plains All American Pipeline in a research report on Friday, November 15th. Finally, Scotiabank reissued a “sector outperform” rating and set a $23.00 price target on shares of Plains All American Pipeline in a research report on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Plains All American Pipeline has a consensus rating of “Hold” and a consensus target price of $20.00.

Plains All American Pipeline Trading Up 0.8 %

The firm’s 50-day simple moving average is $17.53 and its 200 day simple moving average is $17.67. The firm has a market capitalization of $13.29 billion, a price-to-earnings ratio of 16.86 and a beta of 1.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92.

Plains All American Pipeline (NYSE:PAA) last issued its earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.31 by $0.06. The firm had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Equities analysts expect that Plains All American Pipeline, L.P. will post 1.24 earnings per share for the current year.

Institutional Investors Weigh In On Plains All American Pipeline

Hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Plains All American Pipeline by 28.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 40,232 shares of the pipeline company’s stock worth $699,000 after acquiring an additional 8,932 shares during the last quarter. Fortem Financial Group LLC raised its stake in Plains All American Pipeline by 4.4% during the fourth quarter. Fortem Financial Group LLC now owns 66,278 shares of the pipeline company’s stock worth $1,132,000 after buying an additional 2,772 shares during the last quarter. CWA Asset Management Group LLC boosted its position in Plains All American Pipeline by 0.8% during the fourth quarter. CWA Asset Management Group LLC now owns 266,756 shares of the pipeline company’s stock valued at $4,556,000 after acquiring an additional 2,109 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Plains All American Pipeline by 58.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock valued at $125,439,000 after purchasing an additional 2,677,951 shares during the period. Finally, Syntax Research Inc. bought a new stake in Plains All American Pipeline in the third quarter worth approximately $1,742,000. 41.78% of the stock is currently 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 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.