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

Key Points

• Wall Street Zen downgraded Plains All American Pipeline to “hold” from “buy,” while analysts overall maintain an average “hold” rating with a consensus price target of $23.54.
• PAA opened at $25.48, near its 12-month high of $25.75, with a market capitalization of approximately $17.98 billion and a P/E ratio of 7.06.
• The company reported quarterly earnings of $0.41 per share, below the $0.50 consensus estimate, although revenue rose 66.3% year over year to $17.69 billion.

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

Several other equities research analysts have also commented on PAA. Scotiabank boosted their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 12th. Truist Financial increased their price target on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Mizuho raised their price objective on shares of Plains All American Pipeline from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. The Goldman Sachs Group raised shares of Plains All American Pipeline from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. Finally, Morgan Stanley upped their target price on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Plains All American Pipeline has an average rating of "Hold" and an average target price of $23.54.

Plains All American Pipeline Stock Down 0.1%

PAA opened at $25.48 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10. The business has a 50 day simple moving average of $23.58 and a 200-day simple moving average of $22.45. The stock has a market capitalization of $17.98 billion, a P/E ratio of 7.06, a P/E/G ratio of 8.83 and a beta of 0.50. Plains All American Pipeline has a 12 month low of $15.69 and a 12 month high of $25.75.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $17.69 billion for the quarter. Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%.Plains All American Pipeline's revenue for the quarter was up 66.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. On average, equities analysts anticipate that Plains All American Pipeline will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plains All American Pipeline

Several institutional investors and hedge funds have recently made changes to their positions in the business. Financial Life Planners purchased a new position in Plains All American Pipeline during the 1st quarter valued at about $27,000. Allied Private Wealth LLC purchased a new stake in shares of Plains All American Pipeline in the second quarter valued at about $33,000. Fulcrum Asset Management LLP purchased a new stake in shares of Plains All American Pipeline in the third quarter valued at about $50,000. Farther Finance Advisors LLC grew its position in shares of Plains All American Pipeline by 342.7% in the fourth quarter. Farther Finance Advisors LLC now owns 4,068 shares of the company's stock valued at $73,000 after purchasing an additional 3,149 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Plains All American Pipeline by 93.2% in the second quarter. Geneos Wealth Management Inc. now owns 4,232 shares of the company's stock valued at $78,000 after purchasing an additional 2,041 shares during the last quarter. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

Plains All American Pipeline Company Profile

Plains All American Pipeline NASDAQ: PAA is a publicly traded energy infrastructure company that provides midstream services for crude oil and natural gas liquids (NGLs). The company’s core activities include gathering, transporting, storing and marketing hydrocarbons, using an integrated network of pipelines, storage terminals, rail and truck transloading facilities. Plains also offers logistics and marketing services that connect upstream producers with refiners, traders and export markets.

Plains owns and operates a portfolio of pipeline and terminal assets concentrated in major U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source