Royal Bank of Canada Reaffirms “Sector Perform” Rating for Plains All American Pipeline (NYSE:PAA)

Royal Bank of Canada reiterated their sector perform rating on shares of Plains All American Pipeline (NYSE:PAA) in a research report report published on Friday,Benzinga reports. Royal Bank of Canada currently has a $19.00 price target on the pipeline company’s stock.

PAA has been the topic of a number of other reports. Morgan Stanley lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Bank of America began coverage on shares of Plains All American Pipeline in a research report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Plains All American Pipeline presently has a consensus rating of “Hold” and an average target price of $19.82.

Plains All American Pipeline Stock Up 1.7 %

Shares of NYSE:PAA opened at $17.47 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.90 and a current ratio of 1.01. Plains All American Pipeline has a 52-week low of $14.46 and a 52-week high of $19.17. The business’s 50 day simple moving average is $17.34 and its two-hundred day simple moving average is $17.53. The firm has a market cap of $12.25 billion, a P/E ratio of 15.60 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last issued its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The company had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. Plains All American Pipeline’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Plains All American Pipeline will post 1.29 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.3175 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.27 annualized dividend and a yield of 7.27%. Plains All American Pipeline’s dividend payout ratio (DPR) is 113.39%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds and other institutional investors have recently modified their holdings of PAA. Geode Capital Management LLC increased its position in shares of Plains All American Pipeline by 0.3% during the third quarter. Geode Capital Management LLC now owns 595,776 shares of the pipeline company’s stock valued at $10,349,000 after acquiring an additional 1,989 shares during the last quarter. Barclays PLC increased its position in shares of Plains All American Pipeline by 1.6% during the 3rd quarter. Barclays PLC now owns 2,008,321 shares of the pipeline company’s stock valued at $34,885,000 after purchasing an additional 32,061 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of Plains All American Pipeline during the 3rd quarter worth $11,634,000. Stifel Financial Corp boosted its holdings in shares of Plains All American Pipeline by 30.6% in the 3rd quarter. Stifel Financial Corp now owns 230,729 shares of the pipeline company’s stock worth $4,008,000 after buying an additional 54,111 shares during the last quarter. Finally, Morse Asset Management Inc grew its position in Plains All American Pipeline by 12.7% during the third quarter. Morse Asset Management Inc now owns 45,350 shares of the pipeline company’s stock valued at $788,000 after buying an additional 5,100 shares during the period. Hedge funds and other institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

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.