Plains All American Pipeline (NYSE:PAA) Receives New Coverage from Analysts at Bank of America

Bank of America began coverage on shares of Plains All American Pipeline (NYSE:PAA) in a research note issued to investors on Thursday, StockNewsAPI reports. The brokerage issued a neutral rating and a $18.00 price target on the pipeline company’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group upped their target price on Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.91.

Plains All American Pipeline Price Performance

Shares of NYSE:PAA opened at $17.35 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.00 and a quick ratio of 0.90. The firm’s 50 day simple moving average is $17.57 and its two-hundred day simple moving average is $17.67. The company has a market capitalization of $12.16 billion, a P/E ratio of 14.96 and a beta of 1.60. Plains All American Pipeline has a 1-year low of $14.46 and a 1-year high of $19.17.

Plains All American Pipeline (NYSE:PAA) last issued its earnings results on Friday, August 2nd. The pipeline company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. The firm had revenue of $12.93 billion for the quarter, compared to analysts’ expectations of $12.32 billion. During the same period in the previous year, the firm posted $0.25 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. Research analysts expect that Plains All American Pipeline will post 1.3 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 7.32%. The ex-dividend date is Thursday, October 31st. Plains All American Pipeline’s dividend payout ratio is presently 109.48%.

Institutional Investors Weigh In On Plains All American Pipeline

Several hedge funds have recently added to or reduced their stakes in PAA. BNP Paribas Financial Markets boosted its holdings in Plains All American Pipeline by 69.4% during the first quarter. BNP Paribas Financial Markets now owns 1,824,808 shares of the pipeline company’s stock worth $32,044,000 after buying an additional 747,852 shares in the last quarter. Sei Investments Co. acquired a new position in Plains All American Pipeline during the first quarter worth $2,608,000. FORVIS Wealth Advisors LLC acquired a new stake in shares of Plains All American Pipeline in the first quarter valued at about $3,227,000. Miller Howard Investments Inc. NY increased its stake in Plains All American Pipeline by 4.2% during the 1st quarter. Miller Howard Investments Inc. NY now owns 2,499,924 shares of the pipeline company’s stock worth $43,899,000 after buying an additional 99,915 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC purchased a new stake in Plains All American Pipeline during the 1st quarter worth approximately $1,944,000. 41.78% of the stock is owned by hedge funds and other institutional investors.

About Plains All American Pipeline

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.