Credit Suisse Reaffirms Outperform Rating for Plains All American Pipeline, L.P. (PAA)
Plains All American Pipeline, L.P. (NYSE:PAA)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Credit Suisse in a research note issued to investors on Friday. They currently have a $66.00 price objective on the stock. Credit Suisse’s price target suggests a potential upside of 13.30% from the stock’s previous close.
The analysts wrote, “PAA announced that it will construct a 440-mile, 20-inch crude pipeline with up to 200 MBpd of capacity flowing from Cushing to Valero’s Memphis refinery. The project, dubbed the Diamond Pipeline, is expected to be completed by late 2016 and is underpinned by long-term agreements with Valero, who holds an option to purchase a 50% interest until Jan 2016.”
Several other analysts have also recently commented on the stock. Analysts at Barclays raised their price target on shares of Plains All American Pipeline, L.P. from $62.00 to $63.00 in a research note on Friday, August 8th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Plains All American Pipeline, L.P. in a research note on Friday, August 8th. They now have a $59.00 price target on the stock. Finally, 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. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Plains All American Pipeline, L.P. currently has a consensus rating of “Buy” and an average target price of $62.29.
In other Plains All American Pipeline, L.P. news, VP Phil D. Kramer sold 14,100 shares of the company’s stock on the open market in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $58.36, for a total transaction of $822,876.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Plains All American Pipeline, L.P. (NYSE:PAA) traded down 0.43% on Friday, hitting $58.25. 761,840 shares of the company’s stock traded hands. Plains All American Pipeline, L.P. has a one year low of $47.26 and a one year high of $60.60. The stock’s 50-day moving average is $58.2 and its 200-day moving average is $56.3. The company has a market cap of $21.491 billion and a P/E ratio of 27.20.
Plains All American Pipeline, L.P. (NYSE:PAA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the 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 in the previous year, the company posted $0.56 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts expect that Plains All American Pipeline, L.P. will post $2.45 EPS for the current fiscal year.
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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