Plains All American Pipeline (NASDAQ:PAA) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Plains All American Pipeline from “Buy” to “Hold.” Despite the downgrade, analysts’ overall consensus remains “Moderate Buy,” with an average price target of $26.07.
• The company reported a quarterly loss of $0.04 per share, missing analysts’ $0.40 earnings-per-share estimate by $0.44. Revenue was $15.17 billion, up 31.1% year over year.
• Shares opened at $23.92, within a 12-month range of $16.35 to $26.98.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts have also issued research reports about the company. Barclays upped their price objective on 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. UBS Group lifted their target price on Plains All American Pipeline from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, October 9th. Jefferies Financial Group upped their price objective 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. Zacks Research upgraded Plains All American Pipeline from a "hold" rating to a "strong-buy" rating in a report on Monday, November 2nd. Finally, Citigroup lifted their price objective on shares of Plains All American Pipeline from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $26.07.

Plains All American Pipeline Price Performance

Shares of NASDAQ PAA opened at $23.92 on Friday. Plains All American Pipeline has a twelve month low of $16.35 and a twelve month high of $26.98. The firm has a 50-day moving average of $25.23 and a two-hundred day moving average of $22.94. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $16.88 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 9.09 and a beta of 0.58.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last announced its quarterly earnings data on Friday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.44). The business had revenue of $15.17 billion during the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The business's revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, analysts expect that Plains All American Pipeline will post 1.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

A number of institutional investors have recently modified their holdings of PAA. NEOS Investment Management LLC lifted its stake 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 purchasing an additional 199,296 shares during the last quarter. Manning & Napier Advisors LLC boosted its stake in Plains All American Pipeline by 33.3% in the 1st quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company's stock worth $4,466,000 after purchasing an additional 50,000 shares in the last quarter. DV Trading LLC lifted its position in 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 during the last quarter. Mizuho Markets Americas LLC acquired a new stake in Plains All American Pipeline in the first quarter valued at $16,819,000. Finally, Tidal Investments LLC raised its stake in Plains All American Pipeline by 754.8% during the second 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 in the last quarter. Institutional investors 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.

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