Plains All American Pipeline (NASDAQ:PAA) Reaches New 12-Month High - Here's What Happened

Key Points

• Plains All American Pipeline shares reached a new 52-week high of $26.98 and last traded at $26.87, above the previous close of $26.60.
• Analyst sentiment remains mixed: Jefferies raised its target to $30 with a “buy” rating, while the broader analyst consensus is “hold” with an average price target of $26.07.
• The company declared a quarterly dividend of $0.4175, equivalent to $1.67 annually and a 6.2% yield; recent quarterly revenue rose 66.3% year over year, although EPS fell short of estimates.

Plains All American Pipeline Lp (NASDAQ:PAA - Get Free Report) shares hit a new 52-week high during trading on Thursday. The stock traded as high as $26.98 and last traded at $26.87, with a volume of 141,294 shares traded. The stock had previously closed at $26.60.

Analysts Set New Price Targets

A number of research firms have issued reports on PAA. Royal Bank Of Canada upped their price target on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the company a "sector perform" rating in a report on Monday, August 17th. Jefferies Financial Group increased their price target on shares of Plains All American Pipeline from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday. Wall Street Zen lowered shares of Plains All American Pipeline from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Barclays boosted their price objective on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the stock an "underweight" rating in a report on Monday, September 21st. Finally, Citigroup upped their price objective on shares of Plains All American Pipeline from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Plains All American Pipeline currently has an average rating of "Hold" and an average price target of $26.07.

Plains All American Pipeline Price Performance

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 stock's 50 day simple moving average is $25.13 and its two-hundred day simple moving average is $22.72. The stock has a market cap of $18.91 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 9.43 and a beta of 0.57.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.09). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The business had revenue of $17.69 billion during the quarter. During the same period last year, the company posted $0.36 EPS. The business's quarterly revenue was up 66.3% on a year-over-year basis. On average, analysts forecast that Plains All American Pipeline Lp will post 1.73 earnings per share for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Friday, October 30th. Plains All American Pipeline's dividend payout ratio is currently 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds have recently modified their holdings of the stock. Choreo LLC raised its holdings in shares of Plains All American Pipeline by 85.5% in the third quarter. Choreo LLC now owns 18,912 shares of the company's stock valued at $449,000 after buying an additional 8,719 shares during the last quarter. MADDEN SECURITIES Corp acquired a new position in Plains All American Pipeline during the 3rd quarter worth about $52,000. Oppenheimer & Co. Inc. bought a new stake in Plains All American Pipeline during the 3rd quarter worth about $293,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Plains All American Pipeline by 1.9% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 107,300 shares of the company's stock valued at $2,545,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its position in Plains All American Pipeline by 0.7% in the 3rd quarter. Apollon Wealth Management LLC now owns 67,626 shares of the company's stock valued at $1,604,000 after acquiring an additional 444 shares in the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

About Plains All American Pipeline

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company's operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.

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.