Plains All American Pipeline (NYSE:PAA) Price Target Raised to $24.00

Plains All American Pipeline (NYSE:PAA) had its price objective upped by Raymond James from $23.00 to $24.00 in a report published on Tuesday morning,Benzinga reports. They currently have a strong-buy rating on the pipeline company’s stock.

Other equities research analysts also recently issued reports about the company. Bank of America started coverage on Plains All American Pipeline in a research report on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target on the stock. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Friday, January 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a report on Friday, November 15th. Morgan Stanley lowered 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 report on Friday, October 25th. Finally, Barclays increased their price target on shares of Plains All American Pipeline from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Plains All American Pipeline has an average rating of “Hold” and an average target price of $20.21.

Plains All American Pipeline Trading Up 1.6 %

Plains All American Pipeline stock opened at $20.96 on Tuesday. The stock has a 50-day moving average price of $18.32 and a 200 day moving average price of $17.84. The company has a market capitalization of $14.75 billion, a price-to-earnings ratio of 18.71 and a beta of 1.64. Plains All American Pipeline has a 52 week low of $15.02 and a 52 week high of $21.00. 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 announced its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.31 by $0.06. The business had revenue of $12.74 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. Sell-side analysts anticipate that Plains All American Pipeline will post 1.17 EPS for the current year.

Plains All American Pipeline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 7.25%. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, January 31st. Plains All American Pipeline’s payout ratio is presently 113.39%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAA. Lee Financial Co grew its holdings in shares of Plains All American Pipeline by 7.8% during the fourth quarter. Lee Financial Co now owns 43,875 shares of the pipeline company’s stock worth $749,000 after buying an additional 3,170 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in Plains All American Pipeline by 5.4% during the fourth quarter. Valeo Financial Advisors LLC now owns 17,195 shares of the pipeline company’s stock worth $294,000 after acquiring an additional 885 shares during the last quarter. Naples Global Advisors LLC acquired a new stake in Plains All American Pipeline in the 4th quarter valued at about $188,000. Van ECK Associates Corp lifted its stake in Plains All American Pipeline by 56.8% in the 4th quarter. Van ECK Associates Corp now owns 139,047 shares of the pipeline company’s stock worth $2,375,000 after purchasing an additional 50,391 shares in the last quarter. Finally, Clarus Group Inc. boosted its holdings in shares of Plains All American Pipeline by 30.5% during the 4th quarter. Clarus Group Inc. now owns 91,527 shares of the pipeline company’s stock worth $1,563,000 after purchasing an additional 21,400 shares during the last quarter. Hedge funds and other 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.