Plains All American Pipeline’s (PAA) “Sector Outperform” Rating Reaffirmed at Scotiabank

Scotiabank restated their sector outperform rating on shares of Plains All American Pipeline (NYSE:PAA) in a research note issued to investors on Friday morning, MarketBeat Ratings reports. They currently have a $23.00 price objective on the pipeline company’s stock.

PAA has been the subject of a number of other research reports. Bank of America initiated coverage on shares of Plains All American Pipeline in a report on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a research note on Friday, November 15th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday. Morgan Stanley downgraded Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Wells Fargo & Company cut shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.00.

Plains All American Pipeline Stock Performance

Shares of Plains All American Pipeline stock opened at $18.88 on Friday. The business’s 50 day moving average price is $17.58 and its 200 day moving average price is $17.68. The company has a market cap 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 quick ratio of 0.92 and a current ratio of 1.01. Plains All American Pipeline has a one year low of $15.02 and a one year high of $19.31.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly 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. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The business had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, research analysts predict that Plains All American Pipeline will post 1.24 EPS for the current year.

Plains All American Pipeline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.05%. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 135.71%.

Institutional Trading of Plains All American Pipeline

Hedge funds have recently modified their holdings of the stock. Stifel Financial Corp increased its holdings in Plains All American Pipeline by 30.6% during the 3rd quarter. Stifel Financial Corp now owns 230,729 shares of the pipeline company’s stock worth $4,008,000 after purchasing an additional 54,111 shares during the period. FMR LLC increased its stake in shares of Plains All American Pipeline by 91.1% during the third quarter. FMR LLC now owns 600,282 shares of the pipeline company’s stock worth $10,427,000 after buying an additional 286,222 shares during the period. Syntax Research Inc. acquired a new stake in Plains All American Pipeline in the third quarter valued at approximately $1,742,000. International Assets Investment Management LLC lifted its stake in Plains All American Pipeline by 1,006.4% in the third quarter. International Assets Investment Management LLC now owns 67,038 shares of the pipeline company’s stock worth $1,164,000 after acquiring an additional 60,979 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Plains All American Pipeline by 58.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after acquiring an additional 2,677,951 shares in the last quarter. 41.78% of the stock is currently 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.