Scotiabank Cuts Plains All American Pipeline (NYSE:PAA) Price Target to $20.00

Plains All American Pipeline (NYSE:PAA) had its price objective decreased by Scotiabank from $21.00 to $20.00 in a research note released on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

PAA has been the topic of several other research reports. Wells Fargo & Company lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating in a research note on Friday, May 9th. Morgan Stanley reissued an “equal weight” rating and issued a $23.00 target price on shares of Plains All American Pipeline in a research note on Friday, May 9th. UBS Group reissued a “buy” rating on shares of Plains All American Pipeline in a research note on Friday, May 9th. Barclays reaffirmed an “underweight” rating and set a $18.00 price target on shares of Plains All American Pipeline in a research report on Friday, May 9th. Finally, Raymond James reaffirmed a “strong-buy” rating on shares of Plains All American Pipeline in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.40.

Plains All American Pipeline Trading Down 1.0%

NYSE:PAA opened at $17.41 on Monday. Plains All American Pipeline has a 1-year low of $15.58 and a 1-year high of $21.00. The business’s 50-day moving average price is $18.21 and its two-hundred day moving average price is $18.42. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 23.85 and a beta of 0.70.

Plains All American Pipeline (NYSE:PAA) last released its earnings results on Friday, May 9th. The pipeline company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.06). Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. During the same period last year, the business posted $0.41 earnings per share. Plains All American Pipeline’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts expect that Plains All American Pipeline will post 1.52 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 8.73%. The ex-dividend date of this dividend is Thursday, May 1st. Plains All American Pipeline’s dividend payout ratio is presently 163.44%.

Institutional Investors Weigh In On Plains All American Pipeline

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. raised its position in Plains All American Pipeline by 6.4% in the 1st quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company’s stock valued at $591,988,000 after buying an additional 1,771,452 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Plains All American Pipeline by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company’s stock valued at $422,894,000 after buying an additional 1,524,185 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Plains All American Pipeline by 8.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company’s stock valued at $261,283,000 after buying an additional 1,211,286 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Plains All American Pipeline by 0.6% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 13,321,966 shares of the pipeline company’s stock valued at $227,539,000 after buying an additional 75,509 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Plains All American Pipeline by 8.7% in the 4th quarter. JPMorgan Chase & Co. now owns 7,851,712 shares of the pipeline company’s stock valued at $134,107,000 after buying an additional 630,141 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

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.