Plains All American Pipeline (NYSE:PAA) Given New $23.00 Price Target at Morgan Stanley

Plains All American Pipeline (NYSE:PAA) had its price objective boosted by Morgan Stanley from $19.00 to $23.00 in a report issued on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the pipeline company’s stock.

Other equities research analysts also recently issued research reports about the company. Barclays increased their price target on Plains All American Pipeline from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Wells Fargo & Company cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Scotiabank cut their price objective on shares of Plains All American Pipeline from $23.00 to $22.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Raymond James raised their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Wolfe Research raised shares of 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 report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.23.

Plains All American Pipeline Stock Performance

Shares of NYSE:PAA opened at $20.18 on Tuesday. Plains All American Pipeline has a 12-month low of $16.21 and a 12-month high of $21.00. The company’s 50 day moving average price is $19.97 and its two-hundred day moving average price is $18.39. The firm has a market cap of $14.20 billion, a PE ratio of 27.64 and a beta of 1.62. 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 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.53%. The ex-dividend date of this dividend was Friday, January 31st. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. Plains All American Pipeline’s payout ratio is presently 208.22%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PAA. JPMorgan Chase & Co. boosted its position 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 worth $125,439,000 after buying an additional 2,677,951 shares during the period. ING Groep NV raised its stake in shares of Plains All American Pipeline by 194.5% during the fourth quarter. ING Groep NV now owns 3,892,637 shares of the pipeline company’s stock valued at $66,486,000 after acquiring an additional 2,570,700 shares during the last quarter. Barclays PLC lifted its holdings in shares of Plains All American Pipeline by 110.4% during the fourth quarter. Barclays PLC now owns 4,226,335 shares of the pipeline company’s stock worth $72,186,000 after purchasing an additional 2,218,014 shares during the period. Invesco Ltd. grew its stake in shares of Plains All American Pipeline by 4.6% in the fourth quarter. Invesco Ltd. now owns 27,827,930 shares of the pipeline company’s stock worth $475,301,000 after purchasing an additional 1,224,381 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Plains All American Pipeline by 8.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company’s stock valued at $261,283,000 after purchasing an additional 1,211,286 shares during the period. 41.78% of the stock is currently 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.