Plains All American Pipeline (NYSE:PAA) Lowered to Buy at StockNews.com

Plains All American Pipeline (NYSE:PAA) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Thursday.

Other research analysts also recently issued research reports about the stock. 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 research report on Tuesday, March 19th. Scotiabank initiated coverage on Plains All American Pipeline in a report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 price target for the company. UBS Group raised their price objective on Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, April 12th. Citigroup upped their target price on 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. Finally, The Goldman Sachs Group lifted their price target on shares of Plains All American Pipeline from $14.50 to $16.00 and gave the company a “sell” rating in a research note on Friday, April 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Plains All American Pipeline has an average rating of “Moderate Buy” and a consensus target price of $18.96.

Plains All American Pipeline Stock Performance

PAA traded up $0.26 on Thursday, reaching $17.49. 5,599,907 shares of the stock were exchanged, compared to its average volume of 4,457,181. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.87. The company’s 50-day moving average price is $17.35 and its 200 day moving average price is $16.13. The firm has a market capitalization of $12.26 billion, a PE ratio of 12.58 and a beta of 1.58. Plains All American Pipeline has a fifty-two week low of $12.07 and a fifty-two week high of $19.03.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Plains All American Pipeline had a return on equity of 10.48% and a net margin of 2.39%. The business had revenue of $12 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the business posted $0.41 EPS. The company’s revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts forecast that Plains All American Pipeline will post 1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Capital Advisors Inc. OK acquired a new stake in shares of Plains All American Pipeline in the fourth quarter valued at approximately $4,234,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Plains All American Pipeline by 9.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,908,296 shares of the pipeline company’s stock worth $195,561,000 after acquiring an additional 1,135,737 shares during the period. ING Groep NV raised its holdings in shares of Plains All American Pipeline by 12.2% during the 3rd quarter. ING Groep NV now owns 3,043,600 shares of the pipeline company’s stock worth $46,628,000 after acquiring an additional 332,000 shares during the period. DAVENPORT & Co LLC acquired a new position in shares of Plains All American Pipeline during the 4th quarter valued at about $182,000. Finally, 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. 41.78% of the stock is owned by hedge funds and other institutional investors.

About Plains All American Pipeline

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.