Wells Fargo & Company Boosts Plains All American Pipeline (NASDAQ:PAA) Price Target to $23.00

Plains All American Pipeline (NASDAQ:PAA) had its price target upped by equities research analysts at Wells Fargo & Company from $22.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 4.59% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Barclays upped their target price on shares of Plains All American Pipeline from $18.00 to $21.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Bank of America lowered shares of Plains All American Pipeline from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of Plains All American Pipeline in a research report on Friday, April 17th. Citigroup lifted their target price on Plains All American Pipeline from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Finally, Zacks Research cut Plains All American Pipeline from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Plains All American Pipeline currently has an average rating of “Hold” and a consensus price target of $22.15.

Plains All American Pipeline Trading Up 1.2%

Shares of NASDAQ PAA opened at $21.99 on Tuesday. Plains All American Pipeline has a 1 year low of $15.69 and a 1 year high of $23.04. The company has a 50-day simple moving average of $21.79. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The company has a market cap of $15.51 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.72 and a beta of 0.51.

Plains All American Pipeline (NASDAQ:PAA) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.02). Plains All American Pipeline had a net margin of 2.53% and a return on equity of 12.12%. The business had revenue of $12.47 billion during the quarter. During the same quarter in the prior year, the company earned $0.39 EPS. Plains All American Pipeline’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Plains All American Pipeline will post 1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds have recently added to or reduced their stakes in PAA. CIBC Bancorp USA Inc. acquired a new position in Plains All American Pipeline in the 3rd quarter valued at $87,462,000. Goldman Sachs Group Inc. grew its holdings in shares of Plains All American Pipeline by 17.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock worth $360,097,000 after purchasing an additional 3,033,216 shares in the last quarter. Morgan Stanley increased its position in shares of Plains All American Pipeline by 40.2% in the fourth quarter. Morgan Stanley now owns 9,881,248 shares of the company’s stock worth $177,467,000 after purchasing an additional 2,833,161 shares during the period. Berkley W R Corp bought a new position in shares of Plains All American Pipeline in the third quarter worth $32,871,000. Finally, Alps Advisors Inc. raised its stake in Plains All American Pipeline by 2.2% in the third quarter. Alps Advisors Inc. now owns 76,066,823 shares of the company’s stock valued at $1,297,700,000 after purchasing an additional 1,663,908 shares in the last quarter. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.