Plains All American Pipeline (NASDAQ:PAA) Reaches New 12-Month High – Here’s What Happened

Plains All American Pipeline Lp (NASDAQ:PAA)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $24.89 and last traded at $24.91, with a volume of 259864 shares trading hands. The stock had previously closed at $24.43.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PAA. Wells Fargo & Company lifted their target price on Plains All American Pipeline from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Truist Financial upped their price target on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Royal Bank Of Canada restated a “sector perform” rating and set a $23.00 price objective on shares of Plains All American Pipeline in a research report on Tuesday, July 21st. Morgan Stanley boosted their target price on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Finally, The Goldman Sachs Group upgraded shares of Plains All American Pipeline from a “sell” rating to a “neutral” rating and raised their target price for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.23.

Plains All American Pipeline Price Performance

The stock has a 50-day moving average of $22.96 and a two-hundred day moving average of $21.77. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 9.88 and a beta of 0.50. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.02.

Plains All American Pipeline (NASDAQ:PAA) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). Plains All American Pipeline had a net margin of 2.53% and a return on equity of 12.17%. The firm had revenue of $12.47 billion for the quarter. During the same period in the previous year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate that Plains All American Pipeline Lp will post 1.55 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.4175 per share. The ex-dividend date is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.7%. Plains All American Pipeline’s payout ratio is currently 127.48%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new stake in Plains All American Pipeline during the 1st quarter valued at $260,000. Guggenheim Capital LLC boosted its position in shares of Plains All American Pipeline by 5.9% in the second quarter. Guggenheim Capital LLC now owns 46,288 shares of the company’s stock worth $848,000 after buying an additional 2,592 shares during the period. First Trust Advisors LP boosted its position in shares of Plains All American Pipeline by 4.1% in the second quarter. First Trust Advisors LP now owns 404,921 shares of the company’s stock worth $7,418,000 after buying an additional 16,096 shares during the period. Glenview Trust co purchased a new position in shares of Plains All American Pipeline during the second quarter valued at $404,000. Finally, HUB Investment Partners LLC grew its holdings in shares of Plains All American Pipeline by 5.6% during the second quarter. HUB Investment Partners LLC now owns 91,113 shares of the company’s stock valued at $1,669,000 after buying an additional 4,839 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.