Scotiabank Reiterates Sector Outperform Rating for Plains All American Pipeline (NYSE:PAA)

Plains All American Pipeline (NYSE:PAA)‘s stock had its “sector outperform” rating reissued by research analysts at Scotiabank in a report issued on Friday, MarketBeat reports. They presently have a $23.00 price target on the pipeline company’s stock. Scotiabank’s price target would suggest a potential upside of 21.82% from the stock’s previous close.

Several 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 on the stock in a research note on Friday. Bank of America initiated coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target on the stock. Wells Fargo & Company lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.00.

Plains All American Pipeline Stock Performance

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

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.31 by $0.06. The company 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 firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 EPS. Analysts predict that Plains All American Pipeline will post 1.24 earnings per share for the current year.

Institutional Trading of Plains All American Pipeline

A number of institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp increased its holdings in shares of Plains All American Pipeline by 30.6% in the third quarter. Stifel Financial Corp now owns 230,729 shares of the pipeline company’s stock valued at $4,008,000 after purchasing an additional 54,111 shares during the period. FMR LLC boosted its position in Plains All American Pipeline by 91.1% in the third quarter. FMR LLC now owns 600,282 shares of the pipeline company’s stock valued at $10,427,000 after buying an additional 286,222 shares during the last quarter. Syntax Research Inc. acquired a new position in Plains All American Pipeline in the 3rd quarter worth approximately $1,742,000. International Assets Investment Management LLC raised its position in Plains All American Pipeline by 1,006.4% during the 3rd quarter. International Assets Investment Management LLC now owns 67,038 shares of the pipeline company’s stock worth $1,164,000 after buying an additional 60,979 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in 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 valued at $125,439,000 after acquiring an additional 2,677,951 shares during the period. 41.78% of the stock is currently owned by institutional investors and hedge funds.

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.