Plains All American Pipeline (NYSE:PAA) Price Target Cut to $20.00 by Analysts at Scotiabank

Plains All American Pipeline (NYSE:PAA) had its price target cut by Scotiabank from $21.00 to $20.00 in a report published on Monday morning,Benzinga reports. They currently have a sector outperform rating on the pipeline company’s stock.

A number of other research firms have also weighed in on PAA. Barclays reaffirmed an “underweight” rating and set a $18.00 target price on shares of Plains All American Pipeline in a report on Friday. Raymond James reaffirmed a “strong-buy” rating on shares of Plains All American Pipeline in a report on Friday. Wells Fargo & Company lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating in a report on Friday. Morgan Stanley reissued an “equal weight” rating and set a $23.00 price objective on shares of Plains All American Pipeline in a research note on Friday. Finally, UBS Group reissued a “buy” rating on shares of Plains All American Pipeline in a research note on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.67.

Plains All American Pipeline Stock Performance

NYSE PAA opened at $17.13 on Monday. The company’s 50 day moving average is $18.28 and its 200-day moving average is $18.44. Plains All American Pipeline has a 12-month low of $15.58 and a 12-month high of $21.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The firm has a market cap of $12.06 billion, a P/E ratio of 23.47 and a beta of 0.70.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.06). Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. Sell-side analysts predict that Plains All American Pipeline will post 1.52 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.87%. The ex-dividend date of this dividend is Thursday, May 1st. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 163.44%.

Institutional Trading of Plains All American Pipeline

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen LLC purchased a new stake in shares of Plains All American Pipeline during the 1st quarter valued at $8,290,000. Virtu Financial LLC purchased a new position in shares of Plains All American Pipeline during the first quarter worth approximately $235,000. Invesco Ltd. raised its stake in shares of Plains All American Pipeline by 6.4% during the first quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company’s stock worth $591,988,000 after acquiring an additional 1,771,452 shares in the last quarter. Townsquare Capital LLC raised its position in Plains All American Pipeline by 14.2% in the 1st quarter. Townsquare Capital LLC now owns 16,155 shares of the pipeline company’s stock worth $323,000 after purchasing an additional 2,011 shares during the period. Finally, NBW Capital LLC raised its position in Plains All American Pipeline by 3.7% in the 1st quarter. NBW Capital LLC now owns 655,601 shares of the pipeline company’s stock worth $13,112,000 after purchasing an additional 23,113 shares during the period. Hedge funds and other institutional investors own 41.78% of the company’s stock.

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.