Plains All American Pipeline (NYSE:PAA) Receives Sector Outperform Rating from Scotiabank

Scotiabank reiterated their sector outperform rating on shares of Plains All American Pipeline (NYSE:PAA) in a research note released on Friday, MarketBeat.com reports. Scotiabank currently has a $23.00 price target on the pipeline company’s stock.

Other analysts also recently issued research reports about the company. Bank of America started coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a report on Friday, November 15th. Wolfe Research upgraded shares of Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research note on Friday. Wells Fargo & Company lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Finally, Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.00.

Plains All American Pipeline Stock Performance

PAA opened at $18.88 on Friday. The firm’s 50-day moving average price is $17.58 and its 200-day moving average price 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. 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 has a 52-week low of $15.02 and a 52-week high of $19.31.

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

Plains All American Pipeline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.38 dividend. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.05%. Plains All American Pipeline’s dividend payout ratio is presently 135.71%.

Institutional Trading of Plains All American Pipeline

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in shares of Plains All American Pipeline by 1.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 139,230 shares of the pipeline company’s stock valued at $2,487,000 after buying an additional 2,203 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Plains All American Pipeline by 2.2% in the second quarter. Commonwealth Equity Services LLC now owns 128,301 shares of the pipeline company’s stock valued at $2,291,000 after purchasing an additional 2,759 shares during the period. Private Advisor Group LLC increased its stake in shares of Plains All American Pipeline by 0.9% during the second quarter. Private Advisor Group LLC now owns 106,845 shares of the pipeline company’s stock worth $1,908,000 after purchasing an additional 927 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Plains All American Pipeline by 16.8% during the second quarter. Wedbush Securities Inc. now owns 23,188 shares of the pipeline company’s stock worth $414,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Choreo LLC acquired a new position in shares of Plains All American Pipeline during the 2nd quarter worth about $362,000. 41.78% of the stock is owned by institutional investors and hedge funds.

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.