JPMorgan Chase & Co. Downgrades Plains All American Pipeline (NYSE:PAA) to Neutral

JPMorgan Chase & Co. lowered shares of Plains All American Pipeline (NYSE:PAAGet Rating) from an overweight rating to a neutral rating in a research report sent to investors on Monday morning, The Fly reports. JPMorgan Chase & Co. currently has $14.00 price objective on the pipeline company’s stock, down from their previous price objective of $15.00.

PAA has been the subject of several other research reports. Mizuho raised their price target on shares of Plains All American Pipeline from $14.00 to $15.00 and gave the company a buy rating in a research report on Monday, August 8th. Stifel Nicolaus raised shares of Plains All American Pipeline from a hold rating to a buy rating and raised their price target for the company from $14.00 to $16.00 in a research report on Sunday, August 14th. TD Securities raised their price target on shares of Plains All American Pipeline from $14.50 to $15.00 and gave the company a buy rating in a research report on Thursday, November 3rd. Barclays raised their price target on shares of Plains All American Pipeline from $12.00 to $13.00 and gave the company an equal weight rating in a research report on Tuesday, August 16th. Finally, Wells Fargo & Company dropped their target price on shares of Plains All American Pipeline from $16.00 to $15.00 and set an overweight rating on the stock in a report on Friday, November 4th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Plains All American Pipeline has a consensus rating of Moderate Buy and an average target price of $14.50.

Plains All American Pipeline Price Performance

Shares of NYSE PAA opened at $12.27 on Monday. Plains All American Pipeline has a fifty-two week low of $8.64 and a fifty-two week high of $12.75. The company has a 50 day simple moving average of $11.69 and a two-hundred day simple moving average of $11.24. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 10.31 and a beta of 1.71. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.93 and a current ratio of 1.05.

Plains All American Pipeline (NYSE:PAAGet Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The pipeline company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.06. The company had revenue of $14.34 billion during the quarter, compared to the consensus estimate of $16.50 billion. Plains All American Pipeline had a net margin of 2.05% and a return on equity of 9.41%. The firm’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 earnings per share. Analysts expect that Plains All American Pipeline will post 1.2 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a dividend yield of 7.09%. The ex-dividend date was Friday, October 28th. Plains All American Pipeline’s dividend payout ratio is presently 60.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PAA. Financial Counselors Inc. increased its holdings in shares of Plains All American Pipeline by 5.5% in the 2nd quarter. Financial Counselors Inc. now owns 19,177 shares of the pipeline company’s stock worth $188,000 after buying an additional 1,000 shares during the last quarter. Roosevelt Investment Group LLC increased its holdings in shares of Plains All American Pipeline by 5.2% in the 3rd quarter. Roosevelt Investment Group LLC now owns 20,200 shares of the pipeline company’s stock worth $213,000 after buying an additional 1,000 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in shares of Plains All American Pipeline by 3.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 29,145 shares of the pipeline company’s stock worth $307,000 after buying an additional 1,000 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Plains All American Pipeline by 1.1% in the 2nd quarter. Lindbrook Capital LLC now owns 91,941 shares of the pipeline company’s stock worth $903,000 after buying an additional 1,011 shares during the last quarter. Finally, D.A. Davidson & CO. increased its holdings in shares of Plains All American Pipeline by 6.7% in the 3rd quarter. D.A. Davidson & CO. now owns 16,115 shares of the pipeline company’s stock worth $170,000 after buying an additional 1,011 shares during the last quarter. Hedge funds and other institutional investors own 41.52% of the company’s stock.

About Plains All American Pipeline

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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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