Plains All American Pipeline (NASDAQ:PAA) Sets New 12-Month High – Here’s Why

Shares of Plains All American Pipeline Lp (NASDAQ:PAA) reached a new 52-week high on Thursday . The stock traded as high as $23.97 and last traded at $23.33, with a volume of 2557270 shares traded. The stock had previously closed at $23.62.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PAA. Morgan Stanley upped their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Stifel Nicolaus upped their price objective on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Barclays upped their price objective on shares of Plains All American Pipeline from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. Bank of America cut shares of Plains All American Pipeline from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research report on Wednesday, January 28th. Finally, UBS Group restated a “buy” rating on shares of Plains All American Pipeline in a research report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $22.54.

Plains All American Pipeline Stock Up 2.0%

The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average is $22.06. The firm has a market cap of $17.04 billion, a price-to-earnings ratio of 18.44, a P/E/G ratio of 3.13 and a beta of 0.51.

Plains All American Pipeline (NASDAQ:PAA) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). Plains All American Pipeline had a net margin of 2.53% and a return on equity of 12.17%. The business had revenue of $12.47 billion for the quarter. During the same quarter in the prior year, the firm earned $0.39 EPS. Plains All American Pipeline’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts predict that Plains All American Pipeline Lp will post 1.59 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date was Friday, May 1st. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 127.48%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. grew its position in Plains All American Pipeline by 62.6% during the first quarter. Sunbelt Securities Inc. now owns 54,597 shares of the company’s stock valued at $1,219,000 after acquiring an additional 21,028 shares during the last quarter. Amundi bought a new position in Plains All American Pipeline during the first quarter valued at approximately $417,000. EverSource Wealth Advisors LLC grew its position in Plains All American Pipeline by 1,164.7% during the first quarter. EverSource Wealth Advisors LLC now owns 3,794 shares of the company’s stock valued at $85,000 after acquiring an additional 3,494 shares during the last quarter. Royal Bank of Canada grew its position in Plains All American Pipeline by 1.8% during the first quarter. Royal Bank of Canada now owns 617,070 shares of the company’s stock valued at $13,780,000 after acquiring an additional 10,899 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC grew its position in Plains All American Pipeline by 4.4% during the first quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock valued at $69,000,000 after acquiring an additional 130,164 shares during the last quarter. 41.78% of the stock is currently owned by institutional investors.

About Plains All American Pipeline

Plains All American Pipeline (NASDAQ: PAA) is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.