Wells Fargo & Company Issues Positive Forecast for Plains All American Pipeline (NASDAQ:PAA) Stock Price

Key Points

• Wells Fargo raised its PAA price target from $23 to $25 but maintained an “equal weight” rating, implying 5.47% upside from the prior close.
• Analysts overall hold a “Moderate Buy” consensus with a $26.20 average price target; recommendations include two Strong Buys, eight Buys, six Holds, and two Sells.
• Plains All American Pipeline reported quarterly EPS of -$0.04, missing the $0.40 consensus estimate, while revenue rose 31.1% year over year to $15.17 billion.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) had its price target raised by equities researchers at Wells Fargo & Company from $23.00 to $25.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 5.47% from the stock's previous close.

A number of other brokerages have also weighed in on PAA. Royal Bank Of Canada upped their target price on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Monday, August 17th. Citigroup lifted their price target on Plains All American Pipeline from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, September 17th. Weiss Ratings lowered Plains All American Pipeline from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, October 14th. JPMorgan Chase & Co. upped their price objective on Plains All American Pipeline from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Finally, Truist Financial upped their price objective on Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Plains All American Pipeline currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.20.

Plains All American Pipeline Stock Performance

Shares of PAA opened at $23.70 on Wednesday. The firm has a market cap of $16.72 billion, a P/E ratio of 7.90, a PEG ratio of 8.36 and a beta of 0.58. Plains All American Pipeline has a twelve month low of $16.50 and a twelve month high of $26.98. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. The firm's 50 day moving average price is $25.15 and its two-hundred day moving average price is $22.99.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last issued its quarterly earnings data on Friday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.44). Plains All American Pipeline had a return on equity of 12.70% and a net margin of 4.81%. The company had revenue of $15.17 billion for the quarter. During the same period last year, the company earned $0.39 earnings per share. The firm's quarterly revenue was up 31.1% compared to the same quarter last year. On average, analysts forecast that Plains All American Pipeline will post 1.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PAA. Parkside Financial Bank & Trust lifted its position in Plains All American Pipeline by 0.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 60,291 shares of the company's stock worth $1,342,000 after buying an additional 392 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Plains All American Pipeline by 0.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 67,626 shares of the company's stock worth $1,604,000 after buying an additional 444 shares during the last quarter. D.A. Davidson & CO. grew its holdings in shares of Plains All American Pipeline by 1.6% in the 1st quarter. D.A. Davidson & CO. now owns 28,439 shares of the company's stock valued at $635,000 after acquiring an additional 453 shares in the last quarter. Ulland Investment Advisors LLC grew its holdings in shares of Plains All American Pipeline by 4.3% in the 3rd quarter. Ulland Investment Advisors LLC now owns 12,000 shares of the company's stock valued at $285,000 after acquiring an additional 500 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its holdings in shares of Plains All American Pipeline by 1.7% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 30,124 shares of the company's stock valued at $671,000 after acquiring an additional 509 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 company focused on the transportation, storage, and marketing of crude oil and natural gas liquids (NGLs). Its infrastructure includes pipelines, gathering systems, storage facilities, and terminals. The company's systems connect energy-producing regions with refineries and other markets, serving producers, refiners, and other energy customers. Its operations span the United States and Canada. Plains All American Pipeline operates as a master limited partnership and is listed under the ticker symbol PAA.

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