Plains All American Pipeline (NYSE:PAA) Rating Lowered to Equal Weight at Wells Fargo & Company

Plains All American Pipeline (NYSE:PAA) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday,Finviz reports. They presently have a $20.00 target price on the pipeline company’s stock, down from their prior target price of $22.00. Wells Fargo & Company‘s price target indicates a potential upside of 14.68% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $22.00 to $19.00 in a report on Friday, October 25th. Royal Bank of Canada restated 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. Finally, Bank of America initiated coverage on shares of Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.82.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $17.44 on Wednesday. The company has a market capitalization of $12.27 billion, a price-to-earnings ratio of 15.57 and a beta of 1.64. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. Plains All American Pipeline has a one year low of $14.87 and a one year high of $19.17. The company’s 50-day moving average is $17.48 and its 200 day moving average is $17.63.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS 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 analysts’ expectations of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. Sell-side analysts expect that Plains All American Pipeline will post 1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PAA. Citigroup Inc. lifted its stake in shares of Plains All American Pipeline by 48.9% during the 3rd quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock valued at $59,560,000 after buying an additional 1,125,386 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Plains All American Pipeline by 114.9% during the second quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock worth $34,081,000 after purchasing an additional 1,020,277 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Plains All American Pipeline during the 3rd quarter valued at approximately $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Plains All American Pipeline by 241.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock valued at $7,813,000 after purchasing an additional 317,927 shares during the period. Finally, ING Groep NV lifted its holdings in Plains All American Pipeline by 29.1% in the 3rd quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after purchasing an additional 297,937 shares in the last quarter. 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.