Zacks Reiterates “Neutral” Rating for Plains All Amer (PAA)
Plains All Amer (NYSE:PAA)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Friday, StockRatingsNetwork reports. They currently have a $54.00 price target on the stock. Zacks‘ price target would indicate a potential upside of 4.65% from the company’s current price.
Zacks‘ analyst wrote, “Plains All American Pipeline, L.P. exited 2013 with earnings per unit surpassing the Zacks Consensus Estimates primarily due to sturdy topline coupled with decrease in field operating costs. Top line fared well on the strength of higher revenues from all reporting segments. We note that the partnership is continuously investing to expand its existing operations and add new assets at its portfolio, backed by stable financial position. In addition, strong financial profile enables Plains All to maximize unitholders’ wealth through hiking quarterly cash distribution rate at regular intervals. The partnership’s practice to paying incremental cash distribution helps it to retain investors’ attention on the stock. However, over-dependence on third-party service providers at the supply and logistics segment could mar the aforesaid positives. We maintain our Neutral recommendation on the stock.”
A number of other analysts have also recently weighed in on PAA. Analysts at Wunderlich initiated coverage on shares of Plains All Amer in a research note to investors on Monday, December 23rd. They set a “buy” rating and a $60.00 price target on the stock. Separately, analysts at Citigroup Inc. initiated coverage on shares of Plains All Amer in a research note to investors on Wednesday, December 18th. They set a “buy” rating on the stock. Finally, analysts at Deutsche Bank downgraded shares of Plains All Amer from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, December 17th. They now have a $55.00 price target on the stock, down previously from $66.00. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $59.45.
Shares of Plains All Amer (NYSE:PAA) traded up 2.73% on Friday, hitting $53.01. 970,803 shares of the company’s stock traded hands. Plains All Amer has a 52-week low of $47.26 and a 52-week high of $59.52. The stock has a 50-day moving average of $50.89 and a 200-day moving average of $51.60. The company has a market cap of $18.180 billion and a P/E ratio of 17.71.
Plains All Amer (NYSE:PAA) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.70 by $0.06. The company had revenue of $10.63 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 12.6% on a year-over-year basis. On average, analysts predict that Plains All Amer will post $2.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of 0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.77%. The ex-dividend date is Wednesday, January 29th. This is an increase from Plains All Amer’s previous quarterly dividend of $0.60.
Plains All American Pipeline, L.P. (NYSE:PAA) is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids (NGL).
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