Plains All American Pipeline (NYSE:PAA) Price Target Raised to $18.00 at Citigroup

Plains All American Pipeline (NYSE:PAA) had its target price raised by Citigroup from $17.50 to $18.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a neutral rating on the pipeline company’s stock.

A number of other analysts have also recently weighed in on PAA. Stifel Nicolaus increased their price target on Plains All American Pipeline from $18.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. The Goldman Sachs Group increased their price target on Plains All American Pipeline from $14.50 to $16.00 and gave the stock a sell rating in a research report on Friday, April 12th. UBS Group increased their price target on Plains All American Pipeline from $21.00 to $22.00 and gave the stock a buy rating in a research report on Friday, April 12th. Scotiabank started coverage on Plains All American Pipeline in a research report on Monday, April 8th. They issued a sector outperform rating and a $23.00 target price on the stock. Finally, StockNews.com downgraded Plains All American Pipeline from a strong-buy rating to a buy rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $19.08.

Plains All American Pipeline Trading Up 0.2 %

Shares of PAA opened at $17.64 on Monday. The company has a market capitalization of $12.37 billion, a P/E ratio of 12.23 and a beta of 1.58. Plains All American Pipeline has a one year low of $12.50 and a one year high of $19.03. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.87 and a current ratio of 0.98. The stock has a 50-day moving average price of $17.40 and a 200 day moving average price of $16.16.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The firm had revenue of $12 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Plains All American Pipeline’s revenue for the quarter was down 2.8% compared to the same quarter last year. Sell-side analysts forecast that Plains All American Pipeline will post 1.32 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 7.20%. The ex-dividend date of this dividend is Tuesday, April 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 109.48%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds have recently modified their holdings of the company. Alps Advisors Inc. increased its position in shares of Plains All American Pipeline by 14.3% during the 3rd quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock valued at $1,026,923,000 after purchasing an additional 8,406,683 shares during the period. Blackstone Inc. grew its holdings in shares of Plains All American Pipeline by 131.6% in the 3rd quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock worth $371,771,000 after acquiring an additional 13,787,485 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Plains All American Pipeline by 9.6% in 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 last quarter. UBS Group AG grew its holdings in shares of Plains All American Pipeline by 89.3% in the 4th quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock worth $129,630,000 after acquiring an additional 4,035,328 shares during the last quarter. Finally, Eagle Global Advisors LLC grew its holdings in shares of Plains All American Pipeline by 1.8% in the 4th quarter. Eagle Global Advisors LLC now owns 3,931,137 shares of the pipeline company’s stock worth $59,557,000 after acquiring an additional 68,810 shares during the last quarter. 41.78% of the stock is currently owned by institutional investors and hedge funds.

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.