Plains All American Pipeline, L.P. Rating Reiterated by Zacks (PAA)
Plains All American Pipeline, L.P. (NYSE:PAA)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Friday. They currently have a $59.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 4.37% from the stock’s previous close.
Zacks’ analyst wrote, “Plains All American Pipeline’s earnings and revenues in the second quarter surpassed the Zacks Consensus Estimate, primarily on the back of higher sales from Transportation and Supply & Logistics segments. However, earnings lagged year over year mainly due to an increase in total costs. We appreciate the partnership’s systematic capital spending strategy to expand its operations. In 2014, Plains All American plans to spend $1.85-$2.05 billion as expansion capital expenditure. These initiatives will enable it to serve more upstream customers, thereby improving its future cash inflow. On the other side, Plains All American’s practice of paying cash distributions on regular intervals will likely retain investors’ attention on the stock. However, stringent government regulations and over-dependence on third-party service providers might challenge the partnership’s upcoming performance. Thus, we maintain our Neutral recommendation.”
A number of other firms have also recently commented on PAA. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Plains All American Pipeline, L.P. in a research note on Wednesday, July 23rd. They now have a $66.00 price target on the stock, up previously from $60.00. Separately, analysts at Oppenheimer raised their price target on shares of Plains All American Pipeline, L.P. from $65.00 to $67.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Finally, analysts at Wunderlich raised their price target on shares of Plains All American Pipeline, L.P. from $60.00 to $63.00 in a research note on Monday, June 9th. They now have a “buy” rating on the stock. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $62.15.
Plains All American Pipeline, L.P. (NYSE:PAA) traded down 0.02% during mid-day trading on Friday, hitting $56.52. 211,382 shares of the company’s stock traded hands. Plains All American Pipeline, L.P. has a 1-year low of $47.26 and a 1-year high of $60.60. The stock has a 50-day moving average of $58. and a 200-day moving average of $55.79. The company has a market cap of $20.630 billion and a price-to-earnings ratio of 26.26. Plains All American Pipeline, L.P. also saw some unusual options trading on Tuesday. Traders acquired 263 put options on the company. This is an increase of approximately 293% compared to the typical volume of 67 put options.
Plains All American Pipeline, L.P. (NYSE:PAA) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.50 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.50. The company had revenue of $11.20 billion for the quarter, compared to the consensus estimate of $10.53 billion. During the same quarter last year, the company posted $0.56 earnings per share. Plains All American Pipeline, L.P.’s revenue was up 8.7% compared to the same quarter last year. On average, analysts predict that Plains All American Pipeline, L.P. will post $2.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Stockholders of record on Friday, August 1st will be given a dividend of $0.645 per share. This represents a $2.58 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Wednesday, July 30th. This is a boost from Plains All American Pipeline, L.P.’s previous quarterly dividend of $0.63.
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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