Seaport Res Ptn Upgrades Plains All American Pipeline (NYSE:PAA) to “Buy”

Seaport Res Ptn upgraded shares of Plains All American Pipeline (NYSE:PAAGet Rating) from a neutral rating to a buy rating in a research report report published on Monday, PriceTargets.com reports. Seaport Res Ptn also issued estimates for Plains All American Pipeline’s Q2 2022 earnings at $0.23 EPS, Q3 2022 earnings at $0.29 EPS, Q4 2022 earnings at $0.34 EPS, FY2023 earnings at $1.26 EPS and FY2024 earnings at $1.36 EPS.

A number of other brokerages have also recently weighed in on PAA. Bank of America raised Plains All American Pipeline from an underperform rating to a neutral rating and set a $12.00 price target on the stock in a research note on Tuesday, July 19th. Morgan Stanley raised their price objective on Plains All American Pipeline from $14.00 to $15.00 and gave the stock an overweight rating in a research report on Tuesday, April 26th. Credit Suisse Group upgraded Plains All American Pipeline from a neutral rating to an outperform rating and raised their price objective for the stock from $13.00 to $14.00 in a research report on Thursday, May 12th. StockNews.com lowered Plains All American Pipeline from a buy rating to a hold rating in a research report on Thursday, May 5th. Finally, Mizuho raised their price objective on Plains All American Pipeline from $13.00 to $14.00 in a research report on Wednesday, May 11th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $14.18.

Plains All American Pipeline Trading Up 1.2 %

Shares of PAA opened at $11.01 on Monday. The business’s 50-day moving average price is $10.61 and its 200 day moving average price is $10.75. The stock has a market capitalization of $7.76 billion, a P/E ratio of 47.87 and a beta of 1.79. Plains All American Pipeline has a 1-year low of $8.64 and a 1-year high of $12.10. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 0.76.

Plains All American Pipeline (NYSE:PAAGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The pipeline company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.06). The company had revenue of $13.69 billion during the quarter, compared to analysts’ expectations of $12.15 billion. Plains All American Pipeline had a return on equity of 9.80% and a net margin of 0.65%. The company’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. Analysts expect that Plains All American Pipeline will post 1.1 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be given a dividend of $0.2175 per share. This represents a $0.87 dividend on an annualized basis and a dividend yield of 7.90%. The ex-dividend date of this dividend is Thursday, July 28th. Plains All American Pipeline’s dividend payout ratio is presently 378.26%.

Insider Activity

In related news, Director Kevin S. Mccarthy purchased 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were acquired at an average price of $9.81 per share, with a total value of $1,962,000.00. Following the purchase, the director now directly owns 200,000 shares in the company, valued at $1,962,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.69% of the stock is currently owned by company insiders.

Institutional Trading of Plains All American Pipeline

Several institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its stake in Plains All American Pipeline by 1.7% in the 4th quarter. Alps Advisors Inc. now owns 52,505,872 shares of the pipeline company’s stock valued at $490,405,000 after buying an additional 880,660 shares in the last quarter. Invesco Ltd. boosted its stake in Plains All American Pipeline by 38.9% in the first quarter. Invesco Ltd. now owns 17,415,219 shares of the pipeline company’s stock worth $187,388,000 after purchasing an additional 4,880,244 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in Plains All American Pipeline by 5.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,803,725 shares of the pipeline company’s stock worth $91,566,000 after purchasing an additional 467,834 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its stake in Plains All American Pipeline by 12.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 8,586,650 shares of the pipeline company’s stock worth $92,393,000 after purchasing an additional 950,592 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Plains All American Pipeline by 21.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,563,414 shares of the pipeline company’s stock worth $84,093,000 after purchasing an additional 1,520,490 shares in the last quarter. Institutional investors and hedge funds own 45.58% of the company’s stock.

Plains All American Pipeline Company Profile

(Get Rating)

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars.

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Analyst Recommendations for Plains All American Pipeline (NYSE:PAA)

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