Plains All American Pipeline’s (PAA) Sector Outperform Rating Reaffirmed at Scotiabank

Scotiabank restated their sector outperform rating on shares of Plains All American Pipeline (NYSE:PAA) in a report issued on Friday morning, Marketbeat Ratings reports. They currently have a $23.00 target price on the pipeline company’s stock.

A number of other research analysts have also recently issued reports on the company. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Friday. Bank of America initiated coverage on Plains All American Pipeline in a report on Thursday, October 17th. They set a “neutral” rating and a $18.00 price objective for the company. Morgan Stanley cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $19.00 in a report on Friday, October 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $19.00 price objective on shares of Plains All American Pipeline in a report on Friday, November 15th. Finally, Wells Fargo & Company cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Plains All American Pipeline presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Plains All American Pipeline Stock Up 0.8 %

PAA opened at $18.88 on Friday. Plains All American Pipeline has a fifty-two week low of $15.02 and a fifty-two week high of $19.31. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The firm’s fifty day moving average price is $17.58 and its two-hundred day moving average price is $17.68. The company has a market capitalization of $13.29 billion, a P/E ratio of 16.86 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The firm had revenue of $12.74 billion for the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The business’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, analysts anticipate that Plains All American Pipeline will post 1.24 EPS for the current year.

Plains All American Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.38 per share. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 8.05%. The ex-dividend date is Friday, January 31st. Plains All American Pipeline’s payout ratio is currently 135.71%.

Institutional Trading of Plains All American Pipeline

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Plains All American Pipeline by 28.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 40,232 shares of the pipeline company’s stock worth $699,000 after purchasing an additional 8,932 shares during the last quarter. Fortem Financial Group LLC raised its holdings in Plains All American Pipeline by 4.4% during the 4th quarter. Fortem Financial Group LLC now owns 66,278 shares of the pipeline company’s stock worth $1,132,000 after purchasing an additional 2,772 shares during the last quarter. CWA Asset Management Group LLC raised its holdings in Plains All American Pipeline by 0.8% during the 4th quarter. CWA Asset Management Group LLC now owns 266,756 shares of the pipeline company’s stock worth $4,556,000 after purchasing an additional 2,109 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Plains All American Pipeline by 58.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after buying an additional 2,677,951 shares during the period. Finally, Syntax Research Inc. acquired a new position in shares of Plains All American Pipeline during the 3rd quarter worth about $1,742,000. 41.78% of the stock is owned by institutional investors.

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.