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

Plains All American Pipeline (NYSE:PAA) had its target price increased by Royal Bank of Canada from $17.00 to $18.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a sector perform rating on the pipeline company’s stock.

PAA has been the subject of a number of other reports. Scotiabank initiated 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 for the company. Wells Fargo & Company upped their target price on Plains All American Pipeline from $19.00 to $20.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. 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 report on Friday, April 12th. UBS Group upped their price objective on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the stock a buy rating in a report on Friday, April 12th. Finally, TD Securities lifted their price objective on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the company a hold rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $19.23.

Plains All American Pipeline Stock Performance

NYSE:PAA opened at $17.37 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.97 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a twelve month low of $12.85 and a twelve month high of $19.03. The company has a fifty day moving average of $17.55 and a 200-day moving average of $16.28. The firm has a market capitalization of $12.18 billion, a P/E ratio of 11.90 and a beta of 1.58.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 10.53%. The business had revenue of $12 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the company posted $0.41 earnings per share. The business’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Plains All American Pipeline will post 1.32 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were paid a $0.3175 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.31%. Plains All American Pipeline’s payout ratio is presently 109.48%.

Institutional Trading of Plains All American Pipeline

A number of hedge funds have recently bought and sold shares of PAA. 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 last quarter. Blackstone Inc. increased its holdings in Plains All American Pipeline by 131.6% during the third quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock worth $371,771,000 after buying an additional 13,787,485 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Plains All American Pipeline by 9.6% in the fourth 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. UBS Group AG boosted its stake in Plains All American Pipeline by 89.3% in the fourth quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock valued at $129,630,000 after acquiring an additional 4,035,328 shares during the last quarter. Finally, Eagle Global Advisors LLC grew its position in shares of Plains All American Pipeline by 1.8% during the 4th quarter. Eagle Global Advisors LLC now owns 3,931,137 shares of the pipeline company’s stock valued at $59,557,000 after acquiring an additional 68,810 shares during the period. 41.78% of the stock is currently owned by 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.