Plains All American Pipeline (NYSE:PAA) Reaches New 12-Month High After Analyst Upgrade

Plains All American Pipeline, L.P. (NYSE:PAA) hit a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $21.00 to $22.00. UBS Group currently has a buy rating on the stock. Plains All American Pipeline traded as high as $19.03 and last traded at $18.97, with a volume of 1658084 shares traded. The stock had previously closed at $18.55.

Several other analysts have also recently weighed in on PAA. StockNews.com cut Plains All American Pipeline from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Wells Fargo & Company boosted their price objective on Plains All American Pipeline from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. The Goldman Sachs Group boosted their price objective on Plains All American Pipeline from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Citigroup boosted their price objective on Plains All American Pipeline from $17.50 to $18.00 and gave the stock a “neutral” rating in a report on Monday, May 6th. Finally, Stifel Nicolaus boosted their price objective on Plains All American Pipeline from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.38.

Hedge Funds Weigh In On Plains All American Pipeline

Institutional investors and hedge funds have recently modified their holdings of the business. Blackstone Inc. boosted its position in Plains All American Pipeline by 1.4% during the 1st quarter. Blackstone Inc. now owns 23,539,035 shares of the pipeline company’s stock worth $413,345,000 after acquiring an additional 318,944 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Plains All American Pipeline by 9.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,908,296 shares of the pipeline company’s stock valued at $195,561,000 after acquiring an additional 1,135,737 shares during the period. UBS Group AG raised its stake in Plains All American Pipeline by 89.3% in the 4th quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock valued at $129,630,000 after acquiring an additional 4,035,328 shares during the period. Eagle Global Advisors LLC raised its stake in Plains All American Pipeline by 1.8% in the 4th quarter. Eagle Global Advisors LLC now owns 3,931,137 shares of the pipeline company’s stock valued at $59,557,000 after acquiring an additional 68,810 shares during the period. Finally, ING Groep NV raised its stake in Plains All American Pipeline by 1.9% in the 4th quarter. ING Groep NV now owns 3,100,600 shares of the pipeline company’s stock valued at $47,005,000 after acquiring an additional 57,000 shares during the period. 41.78% of the stock is currently owned by institutional investors and hedge funds.

Plains All American Pipeline Trading Up 1.9 %

The business has a 50 day moving average of $17.30 and a two-hundred day moving average of $16.69. The company has a current ratio of 0.97, a quick ratio of 0.88 and a debt-to-equity ratio of 0.64. The firm has a market cap of $13.25 billion, a P/E ratio of 16.29 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The business had revenue of $12 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the business earned $0.41 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts predict that Plains All American Pipeline, L.P. will post 1.29 earnings per share for the current year.

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.