Plains All American Pipeline (NYSE:PAA) Downgraded to Buy at StockNews.com

StockNews.com downgraded shares of Plains All American Pipeline (NYSE:PAA) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday.

Several other analysts also recently commented on the company. Truist Financial raised their target price on Plains All American Pipeline from $21.00 to $23.00 and gave the company a buy rating in a research note on Tuesday, March 19th. UBS Group upped their target price on Plains All American Pipeline from $21.00 to $22.00 and gave the stock a buy rating in a research report on Friday, April 12th. Stifel Nicolaus lifted their price target on shares of Plains All American Pipeline from $18.00 to $22.00 and gave the company a buy rating in a research report on Tuesday. Citigroup boosted their price target on shares of Plains All American Pipeline from $16.50 to $17.50 and gave the company a neutral rating in a research note on Friday, March 1st. Finally, Scotiabank assumed coverage on shares of Plains All American Pipeline in a research note on Monday, April 8th. They issued a sector outperform rating and a $23.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Plains All American Pipeline presently has a consensus rating of Moderate Buy and a consensus price target of $18.96.

Plains All American Pipeline Price Performance

Shares of PAA opened at $17.26 on Tuesday. The firm has a market cap of $12.10 billion, a PE ratio of 12.42 and a beta of 1.59. Plains All American Pipeline has a 52-week low of $12.07 and a 52-week high of $19.03. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.87 and a current ratio of 0.98. The business’s 50 day moving average price is $16.91 and its two-hundred day moving average price is $15.91.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, February 9th. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Plains All American Pipeline had a net margin of 2.39% and a return on equity of 10.48%. The company had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter in the previous year, the company earned $0.33 EPS. Plains All American Pipeline’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Plains All American Pipeline will post 1.25 EPS for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be given a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 7.36%. The ex-dividend date is Tuesday, April 30th. Plains All American Pipeline’s payout ratio is 91.37%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds have recently modified their holdings of PAA. Future Financial Wealth Managment LLC bought a new position in shares of Plains All American Pipeline in the first quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new stake in shares of Plains All American Pipeline during the 1st quarter valued at $28,000. CENTRAL TRUST Co raised its stake in shares of Plains All American Pipeline by 212.5% during the 3rd quarter. CENTRAL TRUST Co now owns 2,500 shares of the pipeline company’s stock worth $38,000 after purchasing an additional 1,700 shares during the period. Fortitude Family Office LLC purchased a new position in shares of Plains All American Pipeline in the 4th quarter worth about $39,000. Finally, Clear Street Markets LLC purchased a new stake in Plains All American Pipeline during the fourth quarter worth about $45,000. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.