Plains All American Pipeline (NASDAQ:PAA) Hits New 12-Month High - Here's Why

Key Points

• Plains All American Pipeline shares reached a new 52-week high of $26.39 and were last trading at $26.1850, above their 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $24.31 price target, below the current share price, despite several recent target increases and upgrades.
• The company reported quarterly EPS of $0.41, missing expectations of $0.50, while revenue rose 66.3% year over year. It also maintains an annualized dividend of $1.67 per share, yielding approximately 6.4%.

Plains All American Pipeline Lp (NASDAQ:PAA - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $26.39 and last traded at $26.1850, with a volume of 112414 shares. The stock had previously closed at $26.10.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PAA. Mizuho increased 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 upgraded shares of Plains All American Pipeline from a "sell" rating to a "neutral" rating and lifted their target price for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Morgan Stanley upped their target price on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 18th. UBS Group reissued a "buy" rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. Finally, Wall Street Zen cut shares of Plains All American Pipeline from a "buy" rating to a "hold" rating in a research note on Saturday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $24.31.

Plains All American Pipeline Trading Up 0.2%

The company's 50-day moving average is $24.33 and its 200-day moving average is $22.86. 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 has a market cap of $18.46 billion, a price-to-earnings ratio of 7.25, a P/E/G ratio of 9.14 and a beta of 0.52.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.09). The company had revenue of $17.69 billion during the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company's quarterly revenue was up 66.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. On average, research analysts predict that Plains All American Pipeline Lp will post 1.75 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend was Friday, July 31st. Plains All American Pipeline's dividend payout ratio (DPR) is 46.26%.

Institutional Investors Weigh In On Plains All American Pipeline

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its holdings in Plains All American Pipeline by 17.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock valued at $360,097,000 after acquiring an additional 3,033,216 shares during the last quarter. BROOKFIELD Corp ON boosted its stake in shares of Plains All American Pipeline by 428.2% in the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company's stock valued at $82,430,000 after purchasing an additional 2,992,549 shares during the last quarter. Morgan Stanley grew its position in shares of Plains All American Pipeline by 40.2% during the 4th quarter. Morgan Stanley now owns 9,881,248 shares of the company's stock worth $177,467,000 after buying an additional 2,833,161 shares during the period. Cohen & Steers Inc. increased its holdings in Plains All American Pipeline by 97.9% in the fourth quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company's stock valued at $44,941,000 after purchasing an additional 1,237,877 shares during the last quarter. Finally, BROOKFIELD Corp ON increased its holdings in Plains All American Pipeline by 18.9% in the second quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the company's stock valued at $124,112,000 after purchasing an additional 1,076,291 shares during the last quarter. Institutional investors own 41.78% of the company's stock.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides transportation, storage, gathering, logistics and related services for crude oil and natural gas liquids (NGLs). The company generally does not produce oil or gas; instead, it helps move and manage hydrocarbons from producing regions to refineries, processing facilities, export terminals and other end markets.

Plains operates an extensive network of pipelines, gathering systems, storage facilities, rail and truck transportation assets, and terminals.

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.