Plains All American Pipeline (NASDAQ:PAA) Given New $21.00 Price Target at Barclays

Key Points

• Barclays raised its price target on Plains All American to $21.00 from $18.00 but kept an "underweight" rating, with the new target implying about a 4.31% downside from the prior close.
• Analyst coverage is mixed: the consensus rating is "Hold" with a consensus price target of $22.08, and analyst tallies include 2 Strong Buy, 5 Buy, 7 Hold and 2 Sell recommendations.
• Plains recently missed quarterly expectations, reporting $0.17 EPS versus a $0.50 consensus and a 12.2% year‑over‑year revenue decline.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) had its price target hoisted by equities researchers at Barclays from $18.00 to $21.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Barclays's price target would suggest a potential downside of 4.31% from the company's previous close.

A number of other equities analysts have also commented on the stock. Stifel Nicolaus increased their price target on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, March 6th. UBS Group reissued a "buy" rating on shares of Plains All American Pipeline in a report on Monday, February 9th. Wall Street Zen lowered shares of Plains All American Pipeline from a "buy" rating to a "hold" rating in a report on Sunday, January 4th. Wells Fargo & Company increased their price target on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, March 13th. Finally, Truist Financial started coverage on shares of Plains All American Pipeline in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Plains All American Pipeline has a consensus rating of "Hold" and a consensus price target of $22.08.

Plains All American Pipeline Price Performance

Shares of NASDAQ PAA traded up $0.06 during mid-day trading on Friday, reaching $21.95. 746,962 shares of the company's stock traded hands, compared to its average volume of 3,681,501. Plains All American Pipeline has a 1-year low of $15.69 and a 1-year high of $22.79. The company has a market capitalization of $15.48 billion, a PE ratio of 13.23, a P/E/G ratio of 3.40 and a beta of 0.53. The business has a 50-day moving average of $21.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.96.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings results on Friday, February 6th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.33). Plains All American Pipeline had a return on equity of 10.76% and a net margin of 3.21%.Plains All American Pipeline's revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS.

Hedge Funds Weigh In On Plains All American Pipeline

Institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. lifted its position in Plains All American Pipeline by 17.8% during the 3rd quarter. Citigroup Inc. now owns 535,200 shares of the company's stock valued at $9,131,000 after acquiring an additional 80,788 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Plains All American Pipeline by 15.5% in the third quarter. JPMorgan Chase & Co. now owns 7,198,958 shares of the company's stock worth $122,814,000 after purchasing an additional 967,059 shares during the period. Inspire Investing LLC purchased a new position in shares of Plains All American Pipeline in the third quarter worth $1,045,000. Texas Yale Capital Corp. lifted its holdings in shares of Plains All American Pipeline by 10.4% in the third quarter. Texas Yale Capital Corp. now owns 637,343 shares of the company's stock worth $10,873,000 after buying an additional 60,000 shares in the last quarter. Finally, PFG Investments LLC raised its stake in Plains All American Pipeline by 91.8% during the third quarter. PFG Investments LLC now owns 130,443 shares of the company's stock valued at $2,225,000 after purchasing an additional 62,446 shares in the last quarter. Institutional investors own 41.78% of the company's stock.

About Plains All American Pipeline

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.

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