Plains All American Pipeline (NASDAQ:PAA) Sets New 1-Year High – Still a Buy?

Plains All American Pipeline Lp (NASDAQ:PAA)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $25.04 and last traded at $25.0750, with a volume of 1394408 shares changing hands. The stock had previously closed at $24.61.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of Plains All American Pipeline from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Wells Fargo & Company upped their price objective on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Barclays raised their price objective on Plains All American Pipeline from $21.00 to $23.00 and gave the stock an “underweight” rating in a research note on Thursday, July 16th. Citigroup lifted their target price on Plains All American Pipeline from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Morgan Stanley boosted their target price on Plains All American Pipeline from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Plains All American Pipeline has a consensus rating of “Hold” and a consensus price target of $23.54.

Plains All American Pipeline Stock Down 1.0%

The stock’s fifty day moving average price is $23.33 and its 200-day moving average price is $22.35. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $17.43 billion, a price-to-earnings ratio of 6.84, a P/E/G ratio of 8.63 and a beta of 0.50.

Plains All American Pipeline (NASDAQ:PAA) last announced its earnings results on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.09). Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%.The business had revenue of $17.69 billion for the quarter. During the same period last year, the firm earned $0.36 EPS. The company’s revenue was up 66.3% compared to the same quarter last year. On average, sell-side analysts predict that Plains All American Pipeline Lp will post 1.77 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. Plains All American Pipeline’s dividend payout ratio is currently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds and other institutional investors have recently made changes to their positions in PAA. Americana Partners LLC lifted its holdings in Plains All American Pipeline by 110.9% during the 4th quarter. Americana Partners LLC now owns 578,541 shares of the company’s stock worth $10,391,000 after purchasing an additional 304,247 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Plains All American Pipeline by 17.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock valued at $360,097,000 after buying an additional 3,033,216 shares in the last quarter. Longfellow Investment Management Co. LLC grew its holdings in Plains All American Pipeline by 21.5% in the 4th quarter. Longfellow Investment Management Co. LLC now owns 1,594,440 shares of the company’s stock valued at $28,636,000 after buying an additional 281,609 shares in the last quarter. Manning & Napier Advisors LLC grew its holdings in Plains All American Pipeline by 33.3% in the 1st quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company’s stock valued at $4,466,000 after buying an additional 50,000 shares in the last quarter. Finally, Wealthstar Advisors LLC increased its position in Plains All American Pipeline by 152.0% during the 1st quarter. Wealthstar Advisors LLC now owns 103,580 shares of the company’s stock worth $2,313,000 after buying an additional 62,477 shares during the period. 41.78% of the stock is owned by institutional investors.

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.