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

Plains All American Pipeline Lp (NASDAQ:PAA)’s share price hit a new 52-week high on Thursday. The stock traded as high as $26.98 and last traded at $26.87, with a volume of 141,294 shares. The stock had previously closed at $26.60.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PAA. Morgan Stanley boosted their price objective on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, August 18th. UBS Group raised their target price on shares of Plains All American Pipeline from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, October 9th. Royal Bank Of Canada lifted their price target on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the company a “sector perform” rating in a research report on Monday, August 17th. Mizuho lifted their price target on shares of Plains All American Pipeline from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, September 21st. Finally, Wall Street Zen cut Plains All American Pipeline from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Plains All American Pipeline presently has an average rating of “Hold” and a consensus target price of $26.07.

Plains All American Pipeline Stock Performance

The stock’s fifty day moving average price is $25.23 and its two-hundred day moving average price is $22.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. The company has a market cap of $18.70 billion, a P/E ratio of 7.34, a P/E/G ratio of 9.53 and a beta of 0.57.

Plains All American Pipeline (NASDAQ:PAA) last announced 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). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The firm had revenue of $17.69 billion during the quarter. During the same quarter last year, the business earned $0.36 earnings per share. Plains All American Pipeline’s revenue was up 66.3% compared to the same quarter last year. As a group, equities analysts predict that Plains All American Pipeline Lp will post 1.73 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.67 annualized dividend and a dividend yield of 6.3%. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of institutional investors have recently modified their holdings of the business. BROOKFIELD Corp ON raised its holdings in Plains All American Pipeline by 428.2% in the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock valued at $82,430,000 after buying an additional 2,992,549 shares during the last quarter. Infrastructure Capital Advisors LLC grew its holdings in 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 worth $69,000,000 after acquiring an additional 130,164 shares during the last quarter. Bollard Group LLC grew its holdings in 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 worth $27,150,000 after acquiring an additional 86,602 shares during the last quarter. NEOS Investment Management LLC increased its position 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 valued at $17,250,000 after acquiring an additional 199,296 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in Plains All American Pipeline in the 1st quarter valued at approximately $16,819,000. Institutional investors and hedge funds 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.