Plains All American Pipeline (NASDAQ:PAA) Price Target Raised to $28.00

Plains All American Pipeline (NASDAQ:PAA) had its target price lifted by UBS Group from $27.00 to $28.00 in a report published on Monday morning, Marketbeat Ratings reports. UBS Group currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. The Goldman Sachs Group upgraded Plains All American Pipeline from a “sell” rating to a “neutral” rating and raised their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Mizuho upped their price objective on Plains All American Pipeline from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday. Raymond James Financial reiterated a “strong-buy” rating and set a $27.00 price objective on shares of Plains All American Pipeline in a research report on Monday. Weiss Ratings upgraded Plains All American Pipeline from a “buy (b-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 25th. Finally, Morgan Stanley upped their target price on Plains All American Pipeline from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plains All American Pipeline currently has an average rating of “Hold” and an average target price of $25.43.

Plains All American Pipeline Price Performance

PAA stock opened at $24.44 on Monday. The firm has a 50 day simple moving average of $24.68 and a two-hundred day simple moving average of $23.09. The stock has a market cap of $17.24 billion, a PE ratio of 6.77, a P/E/G ratio of 8.59 and a beta of 0.52. Plains All American Pipeline has a one year low of $15.69 and a one year high of $26.39. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10.

Plains All American Pipeline (NASDAQ:PAA) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.09). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company had revenue of $17.69 billion for the quarter. During the same quarter in the prior year, the business posted $0.36 EPS. The business’s quarterly revenue was up 66.3% on a year-over-year basis. On average, analysts predict that Plains All American Pipeline will post 1.75 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. Plains All American Pipeline’s payout ratio is currently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

Several large investors have recently made changes to their positions in PAA. Goldman Sachs Group Inc. boosted its stake in Plains All American Pipeline by 17.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock valued at $360,097,000 after purchasing an additional 3,033,216 shares during the last quarter. BROOKFIELD Corp ON increased its stake in shares of Plains All American Pipeline by 428.2% in the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock worth $82,430,000 after purchasing an additional 2,992,549 shares in the last quarter. Infrastructure Capital Advisors LLC raised its stake in shares of Plains All American Pipeline by 4.4% in the first quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock worth $69,000,000 after buying an additional 130,164 shares during the period. Cohen & Steers Inc. raised its stake in Plains All American Pipeline by 97.9% during the 4th quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company’s stock worth $44,941,000 after acquiring an additional 1,237,877 shares during the period. Finally, BNP Paribas Financial Markets raised its position in shares of Plains All American Pipeline by 1.9% during the 4th quarter. BNP Paribas Financial Markets now owns 1,684,860 shares of the company’s stock valued at $30,260,000 after purchasing an additional 31,093 shares during the period. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

About Plains All American Pipeline

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides transportation, storage, gathering, logistics and related services for crude oil and natural gas liquids (NGLs). The company generally does not produce oil or gas; instead, it helps move and manage hydrocarbons from producing regions to refineries, processing facilities, export terminals and other end markets.

Plains operates an extensive network of pipelines, gathering systems, storage facilities, rail and truck transportation assets, and terminals.