Plains All American Pipeline (NASDAQ:PAA) Stock Rating Raised to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Plains All American Pipeline (NASDAQ:PAA) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks reports.

A number of other equities analysts also recently commented on the stock. Raymond James Financial reiterated a “strong-buy” rating and set a $28.00 target price on shares of Plains All American Pipeline in a research note on Monday, October 19th. UBS Group increased their target price on Plains All American Pipeline from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, October 9th. Barclays raised their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the company an “underweight” rating in a research note on Monday, September 21st. Citigroup lifted their price target on Plains All American Pipeline from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, September 17th. Finally, Jefferies Financial Group lifted their price target on Plains All American Pipeline from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Plains All American Pipeline presently has an average rating of “Moderate Buy” and an average target price of $26.07.

Plains All American Pipeline Stock Performance

Shares of Plains All American Pipeline stock opened at $25.85 on Monday. Plains All American Pipeline has a one year low of $16.00 and a one year high of $26.98. The business has a 50-day simple moving average of $25.27 and a 200-day simple moving average of $22.86. 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 $18.24 billion, a PE ratio of 7.16, a P/E/G ratio of 9.09 and a beta of 0.58.

Plains All American Pipeline (NASDAQ:PAA) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.09). Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%. The firm had revenue of $17.69 billion for the quarter. During the same period in the previous year, the business earned $0.36 EPS. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. On average, equities research analysts forecast that Plains All American Pipeline will post 1.73 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Friday, October 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAA. NEOS Investment Management LLC lifted its stake in shares of Plains All American Pipeline by 34.6% during the second quarter. NEOS Investment Management LLC now owns 774,913 shares of the company’s stock worth $17,250,000 after purchasing an additional 199,296 shares in the last quarter. Manning & Napier Advisors LLC grew its stake in shares of Plains All American Pipeline by 33.3% in the first quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company’s stock valued at $4,466,000 after buying an additional 50,000 shares in the last quarter. DV Trading LLC grew its stake in shares of Plains All American Pipeline by 148.1% in the first quarter. DV Trading LLC now owns 82,454 shares of the company’s stock valued at $1,841,000 after buying an additional 49,221 shares in the last quarter. Mizuho Markets Americas LLC purchased a new stake in shares of Plains All American Pipeline during the 1st quarter valued at about $16,819,000. Finally, Tidal Investments LLC raised its holdings in shares of Plains All American Pipeline by 754.8% during the 2nd quarter. Tidal Investments LLC now owns 87,636 shares of the company’s stock valued at $1,951,000 after buying an additional 77,384 shares during the period. 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.