Plains All American Pipeline (NASDAQ:PAA) Reaches New 1-Year High - Here's Why

Key Points

• Plains All American shares hit a new 52-week high of $22.93 mid-day and were last at $22.9050 on volume of 507,338 shares, trading up about 1.7%.
• The company declared a quarterly dividend of $0.4175 (annualized $1.67), implying a 7.3% yield with a payout ratio of 100.6% and an ex-dividend date of May 1.
• Analysts are mixed — the consensus rating is "Hold" with an average price target of $22.08 despite several recent target raises, while the company missed the latest quarter (EPS $0.17 vs. $0.50 est.) and revenue fell 12.2% year-over-year.

Plains All American Pipeline Lp (NASDAQ:PAA - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.93 and last traded at $22.9050, with a volume of 507338 shares. The stock had previously closed at $22.64.

Wall Street Analysts Forecast Growth

PAA has been the topic of several recent research reports. Citigroup upped their price objective on Plains All American Pipeline from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Tuesday, February 10th. Barclays upped their price objective on Plains All American Pipeline from $18.00 to $21.00 and gave the stock an "underweight" rating in a report on Friday, April 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Plains All American Pipeline in a report on Friday, April 17th. Morgan Stanley upped their price objective on Plains All American Pipeline from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 18th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Plains All American Pipeline in a report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $22.08.

Plains All American Pipeline Trading Up 1.7%

The company has a market capitalization of $16.24 billion, a PE ratio of 13.87, a P/E/G ratio of 2.53 and a beta of 0.53. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.96. The firm's 50-day moving average is $21.60.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its 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 net margin of 3.21% and a return on equity of 10.76%. The company's revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 EPS. As a group, equities analysts forecast that Plains All American Pipeline Lp will post 1.83 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be given a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 7.3%. The ex-dividend date of this dividend is Friday, May 1st. Plains All American Pipeline's dividend payout ratio is 100.60%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds have recently bought and sold shares of the business. Kestra Advisory Services LLC grew its position in Plains All American Pipeline by 1.6% in the 1st quarter. Kestra Advisory Services LLC now owns 140,618 shares of the company's stock valued at $3,140,000 after acquiring an additional 2,172 shares during the last quarter. Frankly Finances LLC grew its position in Plains All American Pipeline by 68.2% in the 1st quarter. Frankly Finances LLC now owns 7,400 shares of the company's stock valued at $165,000 after acquiring an additional 3,000 shares during the last quarter. Wealthstar Advisors LLC grew its position in Plains All American Pipeline by 152.0% in the 1st quarter. Wealthstar Advisors LLC now owns 103,580 shares of the company's stock valued at $2,313,000 after acquiring an additional 62,477 shares during the last quarter. PFG Investments LLC lifted its holdings in shares of Plains All American Pipeline by 1.0% in the 1st quarter. PFG Investments LLC now owns 139,743 shares of the company's stock worth $3,120,000 after buying an additional 1,402 shares during the period. Finally, World Investment Advisors lifted its holdings in shares of Plains All American Pipeline by 16.0% in the 1st quarter. World Investment Advisors now owns 24,996 shares of the company's stock worth $558,000 after buying an additional 3,454 shares during the period. 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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