Plains All American Pipeline (NYSE:PAA) Hits New 1-Year High at $17.48

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) hit a new 52-week high during trading on Thursday . The stock traded as high as $17.48 and last traded at $17.48, with a volume of 152720 shares. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PAA. Truist Financial upped their price objective on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. StockNews.com upgraded shares of Plains All American Pipeline from a “buy” rating to a “strong-buy” rating in a report on Friday, March 22nd. Finally, Citigroup upped their target price on shares of Plains All American Pipeline from $16.50 to $17.50 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.56.

Plains All American Pipeline Trading Up 0.8 %

The firm has a market cap of $12.23 billion, a PE ratio of 12.45 and a beta of 1.59. The company’s fifty day moving average price is $16.23 and its two-hundred day moving average price is $15.63. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $14.30 billion. Plains All American Pipeline had a net margin of 2.39% and a return on equity of 10.48%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. As a group, sell-side analysts forecast that Plains All American Pipeline, L.P. will post 1.24 earnings per share for the current fiscal year.

Plains All American Pipeline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st were given a dividend of $0.3175 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.27 dividend on an annualized basis and a yield of 7.28%. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.27. Plains All American Pipeline’s payout ratio is presently 91.37%.

Hedge Funds Weigh In On Plains All American Pipeline

Institutional investors have recently modified their holdings of the company. ING Groep NV raised its position in shares of Plains All American Pipeline by 12.2% in the third quarter. ING Groep NV now owns 3,043,600 shares of the pipeline company’s stock valued at $46,628,000 after buying an additional 332,000 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Plains All American Pipeline by 374.7% during the third quarter. Envestnet Asset Management Inc. now owns 229,923 shares of the pipeline company’s stock worth $3,522,000 after purchasing an additional 181,484 shares during the last quarter. Alps Advisors Inc. increased its position in Plains All American Pipeline by 14.3% during the third quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock worth $1,026,923,000 after purchasing an additional 8,406,683 shares during the last quarter. Spirit of America Management Corp NY increased its position in Plains All American Pipeline by 8.7% during the third quarter. Spirit of America Management Corp NY now owns 350,300 shares of the pipeline company’s stock worth $5,367,000 after purchasing an additional 28,000 shares during the last quarter. Finally, Clarus Group Inc. increased its position in Plains All American Pipeline by 34.8% during the third quarter. Clarus Group Inc. now owns 74,352 shares of the pipeline company’s stock worth $1,139,000 after purchasing an additional 19,188 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

Plains All American Pipeline Company Profile

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.