Plains All American Pipeline (NASDAQ:PAA) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Plains All American Pipeline (NASDAQ:PAA) from a buy rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other research firms also recently commented on PAA. Mizuho raised their target price on Plains All American Pipeline from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, September 21st. Scotiabank reiterated an “outperform” rating and issued a $28.00 price target on shares of Plains All American Pipeline in a research report on Thursday. Zacks Research upgraded Plains All American Pipeline from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. UBS Group increased their price objective on Plains All American Pipeline from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, October 9th. Finally, Weiss Ratings cut Plains All American Pipeline from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.80.

Plains All American Pipeline Price Performance

Shares of NASDAQ:PAA opened at $25.25 on Friday. The company has a market cap of $17.82 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 9.02 and a beta of 0.57. The business has a 50 day moving average price of $24.77 and a 200 day moving average price of $23.39. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. Plains All American Pipeline has a twelve month low of $15.79 and a twelve month high of $26.39.

Plains All American Pipeline (NASDAQ:PAA) last released its earnings results on Friday, August 7th. The company reported $0.41 EPS 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 period in the prior year, the firm posted $0.36 EPS. Plains All American Pipeline’s revenue was up 66.3% on a year-over-year basis. Research analysts predict that Plains All American Pipeline will post 1.72 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a yield of 6.6%. Plains All American Pipeline’s payout ratio is currently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

Large investors have recently modified their holdings of the stock. BROOKFIELD Corp ON raised its position in shares of Plains All American Pipeline by 428.2% during the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock valued at $82,430,000 after acquiring an additional 2,992,549 shares during the last quarter. Infrastructure Capital Advisors LLC lifted its stake in shares of Plains All American Pipeline by 4.4% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock valued at $69,000,000 after purchasing an additional 130,164 shares during the period. Bollard Group LLC boosted its position in shares of Plains All American Pipeline by 7.7% in the 1st quarter. Bollard Group LLC now owns 1,215,856 shares of the company’s stock worth $27,150,000 after purchasing an additional 86,602 shares during the last quarter. NEOS Investment Management LLC boosted its position in shares of Plains All American Pipeline by 34.6% in the 2nd quarter. NEOS Investment Management LLC now owns 774,913 shares of the company’s stock worth $17,250,000 after purchasing an additional 199,296 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in shares of Plains All American Pipeline in the 1st quarter worth $16,819,000. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. is a publicly traded master limited partnership that provides midstream energy infrastructure and logistics services. The company primarily transports, stores and handles crude oil and natural gas liquids (NGLs) for producers, refiners, exporters and other energy customers.

Its operations include pipeline transportation, gathering systems, storage terminals, rail and truck facilities, and other supply-chain assets. Plains also provides terminalling, inventory management and related logistics services that connect production areas with refineries, processing facilities and export markets.

Plains All American serves key producing regions in the United States and Canada, with a significant presence in the Permian Basin and other North American oil and NGL markets.