Plains All American Pipeline (NASDAQ:PAA) Hits New 12-Month High – Still a Buy?

Plains All American Pipeline Lp (NASDAQ:PAA)’s stock price reached a new 52-week high on Friday. The company traded as high as $26.42 and last traded at $26.4750, with a volume of 368,813 shares changing hands. The stock had previously closed at $25.90.

Wall Street Analyst Weigh In

Several brokerages recently commented on PAA. Citigroup upped their target price on Plains All American Pipeline from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. Jefferies Financial Group initiated coverage on shares of Plains All American Pipeline in a research note on Friday, October 9th. They issued a “buy” rating and a $27.00 target price for the company. Truist Financial raised their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their price target on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the stock a “sector perform” rating in a report on Monday, August 17th. Finally, Zacks Research upgraded shares of Plains All American Pipeline from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.87.

Plains All American Pipeline Price Performance

The company has a market cap of $18.89 billion, a P/E ratio of 7.42, a P/E/G ratio of 9.17 and a beta of 0.57. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. The firm’s fifty day moving average is $24.95 and its two-hundred day moving average is $23.50.

Plains All American Pipeline (NASDAQ:PAA) last announced its earnings results on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.09). The firm had revenue of $17.69 billion during the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 earnings per share. As a group, analysts anticipate that Plains All American Pipeline Lp will post 1.73 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Friday, October 30th. Plains All American Pipeline’s payout ratio is currently 46.26%.

Institutional Investors Weigh In On Plains All American Pipeline

A number of large investors have recently modified their holdings of PAA. Financial Life Planners purchased a new position in shares of Plains All American Pipeline during the first quarter worth about $27,000. Allied Private Wealth LLC purchased a new position in shares of Plains All American Pipeline during the 2nd quarter worth $33,000. Bullseye Investment Management LLC purchased a new stake in shares of Plains All American Pipeline during the 2nd quarter valued at $44,000. Scarborough Advisors LLC purchased a new stake in shares of Plains All American Pipeline in the first quarter worth about $80,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Plains All American Pipeline by 1,164.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,794 shares of the company’s stock valued at $85,000 after purchasing an additional 3,494 shares in the last quarter. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company’s operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.