Scotiabank Increases Plains All American Pipeline (NYSE:PAA) Price Target to $23.00

Plains All American Pipeline (NYSE:PAA) had its target price upped by Scotiabank from $22.00 to $23.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price target points to a potential upside of 20.69% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Raymond James Financial reiterated a “strong-buy” rating and issued a $22.00 target price (down previously from $24.00) on shares of Plains All American Pipeline in a research report on Friday, October 24th. Morgan Stanley upped their price target on shares of Plains All American Pipeline from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Mizuho set a $23.00 price objective on Plains All American Pipeline in a research report on Friday, January 23rd. Wells Fargo & Company upped their target price on Plains All American Pipeline from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Barclays raised their price target on Plains All American Pipeline from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.91.

Plains All American Pipeline Stock Down 1.8%

NYSE:PAA traded down $0.34 during trading hours on Monday, hitting $19.06. 432,175 shares of the company’s stock traded hands, compared to its average volume of 3,979,257. The stock’s fifty day moving average price is $18.42 and its two-hundred day moving average price is $17.63. The firm has a market cap of $13.44 billion, a P/E ratio of 26.12 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. Plains All American Pipeline has a twelve month low of $15.57 and a twelve month high of $20.77.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, February 6th. The pipeline company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.33). Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The business’s revenue was down 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. On average, research analysts expect that Plains All American Pipeline will post 1.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

Institutional investors have recently modified their holdings of the company. CIBC Bancorp USA Inc. bought a new stake in shares of Plains All American Pipeline in the 3rd quarter valued at approximately $87,462,000. Invesco Ltd. raised its stake in Plains All American Pipeline by 10.1% during the second quarter. Invesco Ltd. now owns 32,602,733 shares of the pipeline company’s stock worth $597,282,000 after acquiring an additional 3,003,351 shares in the last quarter. Berkley W R Corp bought a new position in shares of Plains All American Pipeline during the third quarter valued at $32,871,000. Alps Advisors Inc. lifted its holdings in shares of Plains All American Pipeline by 2.2% during the third quarter. Alps Advisors Inc. now owns 76,066,823 shares of the pipeline company’s stock valued at $1,297,700,000 after acquiring an additional 1,663,908 shares during the period. Finally, BROOKFIELD Corp ON boosted its stake in shares of Plains All American Pipeline by 18.9% in the 2nd quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the pipeline company’s stock valued at $124,112,000 after purchasing an additional 1,076,291 shares in the last quarter. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline, L.P. (NYSE: PAA) is a prominent North American midstream energy company that specializes in the transportation, storage and marketing of crude oil, natural gas liquids (NGLs) and refined products. The partnership’s integrated infrastructure network supports the movement of hydrocarbons from major supply basins to domestic and export markets, providing connectivity between production areas, refineries and marine terminals. Plains All American’s services include long-haul and short-haul pipeline systems, inventory services and fee-based storage contracts, helping producers and refiners optimize supply chains and manage market access.

The company operates an extensive onshore pipeline network that spans major U.S.