Plains All American Pipeline (NASDAQ:PAA) Stock Gets Downgrade from Wall Street Zen

Plains All American Pipeline (NASDAQ:PAA) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the stock. UBS Group increased their target price on shares of Plains All American Pipeline from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, October 9th. Scotiabank reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Plains All American Pipeline in a report on Thursday. Barclays lifted their price target on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock an “underweight” rating in a report on Monday, September 21st. Morgan Stanley upped their price objective on Plains All American Pipeline from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 18th. Finally, Jefferies Financial Group started coverage on Plains All American Pipeline in a report on Friday, October 9th. They set a “buy” rating and a $27.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $25.80.

Plains All American Pipeline Price Performance

PAA opened at $25.25 on Friday. The firm has a market cap of $17.82 billion, a P/E ratio of 6.99, a PEG ratio of 9.02 and a beta of 0.57. The firm has a 50-day moving average of $24.77 and a 200 day moving average of $23.40. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. Plains All American Pipeline has a fifty-two week low of $15.79 and a fifty-two week high of $26.39.

Plains All American Pipeline (NASDAQ:PAA) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.09). The company had revenue of $17.69 billion for the quarter. Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%. The business’s revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. On average, research analysts expect that Plains All American Pipeline will post 1.72 EPS for the current year.

Hedge Funds Weigh In On Plains All American Pipeline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BROOKFIELD Corp ON raised its position in shares of Plains All American Pipeline by 428.2% in the first quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock valued at $82,430,000 after purchasing an additional 2,992,549 shares during the period. Infrastructure Capital Advisors LLC lifted its stake in shares of Plains All American Pipeline by 4.4% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock valued at $69,000,000 after buying an additional 130,164 shares in the last quarter. Bollard Group LLC lifted its stake in shares of Plains All American Pipeline by 7.7% during the 1st quarter. Bollard Group LLC now owns 1,215,856 shares of the company’s stock valued at $27,150,000 after buying an additional 86,602 shares in the last quarter. NEOS Investment Management LLC boosted its holdings in Plains All American Pipeline by 34.6% in the 2nd quarter. NEOS Investment Management LLC now owns 774,913 shares of the company’s stock worth $17,250,000 after buying an additional 199,296 shares during the period. Finally, Mizuho Markets Americas LLC bought a new position in Plains All American Pipeline in the 1st quarter worth approximately $16,819,000. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

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.