Plains All American Pipeline (NASDAQ:PAA) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Plains All American Pipeline (NASDAQ:PAA) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also commented on the stock. Royal Bank Of Canada upped their price objective on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the company a “sector perform” rating in a research note on Monday, August 17th. Barclays lifted their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock an “underweight” rating in a research note on Monday, September 21st. Scotiabank reissued an “outperform” rating and set a $28.00 target price on shares of Plains All American Pipeline in a research note on Thursday. UBS Group boosted their target price on shares of Plains All American Pipeline from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, October 9th. Finally, Weiss Ratings cut shares of Plains All American Pipeline from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.87.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $25.25 on Friday. The business’s 50 day simple moving average is $24.81 and its 200 day simple moving average is $23.42. Plains All American Pipeline has a one year low of $15.93 and a one year high of $26.39. The stock has a market capitalization of $17.82 billion, a PE ratio of 15.88, a PEG ratio of 9.02 and a beta of 0.57. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10.

Plains All American Pipeline (NASDAQ:PAA) last released its earnings results on Friday, August 7th. The company reported $0.41 earnings per share 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 for the quarter. During the same period in the previous year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 66.3% on a year-over-year basis. As a group, research analysts forecast that Plains All American Pipeline will post 1.72 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend is Friday, October 30th. Plains All American Pipeline’s dividend payout ratio is 46.26%.

Institutional Investors Weigh In On Plains All American Pipeline

A number of hedge funds have recently added to or reduced their stakes in PAA. BROOKFIELD Corp ON boosted its holdings in Plains All American Pipeline by 428.2% during the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock worth $82,430,000 after acquiring an additional 2,992,549 shares during the last quarter. Mizuho Markets Americas LLC purchased a new stake in Plains All American Pipeline during the first quarter worth about $16,819,000. NEOS Investment Management LLC increased its holdings in 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 buying an additional 199,296 shares during the last quarter. Angeles Wealth Management LLC purchased a new stake in Plains All American Pipeline during the first quarter worth about $4,305,000. Finally, Infrastructure Capital Advisors LLC increased its holdings in Plains All American Pipeline by 4.4% during the first quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock worth $69,000,000 after buying an additional 130,164 shares during the last quarter. 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.