Plains All American Pipeline (NYSE:PAA) Sets New 1-Year High After Analyst Upgrade

Plains All American Pipeline, L.P. (NYSE:PAA)’s share price reached a new 52-week high on Wednesday after UBS Group raised their price target on the stock from $21.00 to $22.00. UBS Group currently has a buy rating on the stock. Plains All American Pipeline traded as high as $19.03 and last traded at $18.97, with a volume of 1658084 shares changing hands. The stock had previously closed at $18.55.

Other research analysts also recently issued research reports about the stock. Scotiabank initiated coverage on shares of Plains All American Pipeline in a research report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 price objective for the company. StockNews.com downgraded shares of Plains All American Pipeline from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Stifel Nicolaus lifted their price objective 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, April 16th. Truist Financial lifted their price objective on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Citigroup lifted their price objective on shares of Plains All American Pipeline from $17.50 to $18.00 and gave the company a “neutral” rating in a research report on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.38.

Institutional Trading of Plains All American Pipeline

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Clarus Group Inc. grew its holdings in shares of Plains All American Pipeline by 1.0% during the 1st quarter. Clarus Group Inc. now owns 69,515 shares of the pipeline company’s stock valued at $1,221,000 after purchasing an additional 682 shares during the last quarter. Covenant Asset Management LLC lifted its position in shares of Plains All American Pipeline by 3.7% in the 1st quarter. Covenant Asset Management LLC now owns 22,036 shares of the pipeline company’s stock worth $387,000 after purchasing an additional 795 shares during the period. First National Trust Co lifted its position in shares of Plains All American Pipeline by 10.1% during the 4th quarter. First National Trust Co now owns 11,277 shares of the pipeline company’s stock valued at $171,000 after acquiring an additional 1,038 shares during the period. Wealth Alliance Advisory Group LLC lifted its position in shares of Plains All American Pipeline by 1.3% during the 4th quarter. Wealth Alliance Advisory Group LLC now owns 83,690 shares of the pipeline company’s stock valued at $1,268,000 after acquiring an additional 1,112 shares during the period. Finally, Axxcess Wealth Management LLC lifted its position in shares of Plains All American Pipeline by 3.5% during the 4th quarter. Axxcess Wealth Management LLC now owns 34,910 shares of the pipeline company’s stock valued at $529,000 after acquiring an additional 1,195 shares during the period. Institutional investors and hedge funds own 41.78% of the company’s stock.

Plains All American Pipeline Stock Up 1.9 %

The company has a current ratio of 0.97, a quick ratio of 0.88 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average is $17.31 and its 200-day moving average is $16.71. The company has a market cap of $13.25 billion, a price-to-earnings ratio of 16.29 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 10.53%. The firm had revenue of $12 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The business’s revenue was down 2.8% on a year-over-year basis. On average, analysts anticipate that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current fiscal year.

Plains All American Pipeline Company Profile

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.