Plains All American Pipeline (NYSE:PAA) Upgraded to Outperform at Wolfe Research

Wolfe Research upgraded shares of Plains All American Pipeline (NYSE:PAA) from a peer perform rating to an outperform rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. They currently have $22.00 target price on the pipeline company’s stock.

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

Plains All American Pipeline Trading Up 0.8 %

PAA opened at $18.88 on Friday. The company’s 50 day moving average is $17.58 and its 200-day moving average is $17.68. The company has a market cap of $13.29 billion, a P/E ratio of 16.86 and a beta of 1.64. Plains All American Pipeline has a 1-year low of $15.02 and a 1-year high of $19.31. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA) last issued its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The firm had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. Equities research analysts predict that Plains All American Pipeline will post 1.24 earnings per share for the current fiscal year.

Plains All American Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.38 per share. The ex-dividend date is Friday, January 31st. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a dividend yield of 8.05%. Plains All American Pipeline’s dividend payout ratio is 135.71%.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Plains All American Pipeline in the 3rd quarter worth about $27,000. Future Financial Wealth Managment LLC bought a new stake in Plains All American Pipeline in the third quarter worth approximately $28,000. Sunbelt Securities Inc. lifted its stake in Plains All American Pipeline by 53.2% in the second quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock valued at $68,000 after buying an additional 1,318 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in shares of Plains All American Pipeline by 31.2% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 4,460 shares of the pipeline company’s stock worth $80,000 after buying an additional 1,060 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Plains All American Pipeline by 16.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock worth $109,000 after buying an additional 856 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

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.