Plains All American Pipeline (NYSE:PAA) Stock Rating Lowered by Bank of America

Plains All American Pipeline (NYSE:PAA) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Wednesday, MarketBeat.com reports. They currently have a $19.00 target price on the pipeline company’s stock. Bank of America‘s price target points to a potential downside of 3.50% from the stock’s current price.

Several other brokerages have also recently issued reports on PAA. Scotiabank reissued an “outperform” rating on shares of Plains All American Pipeline in a research report on Friday, January 16th. Raymond James Financial reiterated a “strong-buy” rating and issued a $22.00 price objective (down previously from $24.00) on shares of Plains All American Pipeline in a research note on Friday, October 24th. Barclays dropped their price objective on shares of Plains All American Pipeline from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Tuesday, October 7th. Morgan Stanley upped their target price on shares of Plains All American Pipeline from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Finally, Mizuho set a $23.00 price target on shares of Plains All American Pipeline in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Plains All American Pipeline currently has an average rating of “Hold” and an average target price of $20.40.

Plains All American Pipeline Trading Down 0.2%

NYSE:PAA opened at $19.69 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 12 month low of $15.57 and a 12 month high of $20.96. The company has a market cap of $13.89 billion, a PE ratio of 26.97 and a beta of 0.59. The company has a 50 day simple moving average of $18.14 and a two-hundred day simple moving average of $17.61.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%.Plains All American Pipeline’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.37 EPS. Research analysts forecast that Plains All American Pipeline will post 1.52 earnings per share for the current year.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in Plains All American Pipeline by 76.1% during the 2nd quarter. Blue Trust Inc. now owns 1,761 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 761 shares during the period. Mather Group LLC. purchased a new stake in Plains All American Pipeline during the 3rd quarter valued at approximately $33,000. Caldwell Trust Co purchased a new stake in Plains All American Pipeline during the 3rd quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. raised its position in shares of Plains All American Pipeline by 40.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,263 shares of the pipeline company’s stock valued at $41,000 after buying an additional 655 shares during the last quarter. Finally, Aventura Private Wealth LLC purchased a new position in shares of Plains All American Pipeline in the fourth quarter worth $42,000. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline, L.P. (NYSE: PAA) is a prominent North American midstream energy company that specializes in the transportation, storage and marketing of crude oil, natural gas liquids (NGLs) and refined products. The partnership’s integrated infrastructure network supports the movement of hydrocarbons from major supply basins to domestic and export markets, providing connectivity between production areas, refineries and marine terminals. Plains All American’s services include long-haul and short-haul pipeline systems, inventory services and fee-based storage contracts, helping producers and refiners optimize supply chains and manage market access.

The company operates an extensive onshore pipeline network that spans major U.S.