Plains All American Pipeline (NASDAQ:PAA) Sets New 1-Year High - What's Next?

Key Points

• Plains All American Pipeline shares reached a new 52-week high of $25.89, trading above the previous close of $25.48. Despite the rally, analysts’ consensus rating remains “Hold,” with an average price target of $23.54.
• The company reported quarterly revenue of $17.69 billion, up 66.3% year over year, but earnings per share of $0.41 fell short of the $0.50 analyst consensus.
• PAA paid a quarterly dividend of $0.4175, equivalent to an annualized $1.67 payout and a 6.5% yield. Institutional investors own 41.78% of the company, with several major funds increasing their positions.

Plains All American Pipeline Lp (NASDAQ:PAA - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $25.89 and last traded at $25.6390, with a volume of 6604 shares trading hands. The stock had previously closed at $25.48.

Analyst Ratings Changes

PAA has been the topic of several recent research reports. Zacks Research raised shares of Plains All American Pipeline from a "strong sell" rating to a "hold" rating in a research note on Monday, August 10th. Morgan Stanley raised their price objective 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. The Goldman Sachs Group raised shares of Plains All American Pipeline from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. Citigroup upped their target price on shares of Plains All American Pipeline from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Finally, Mizuho increased their price target on 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. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $23.54.

Plains All American Pipeline Price Performance

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 company has a market capitalization of $18.07 billion, a price-to-earnings ratio of 7.08, a price-to-earnings-growth ratio of 8.81 and a beta of 0.50. The company has a 50-day moving average price of $23.58 and a 200-day moving average price of $22.47.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.41 earnings per share 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 firm had revenue of $17.69 billion during the quarter. During the same quarter last year, the company earned $0.36 EPS. Plains All American Pipeline's revenue for the quarter was up 66.3% compared to the same quarter last year. On average, equities research analysts expect that Plains All American Pipeline Lp will post 1.77 EPS for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $0.4175 dividend. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.5%. Plains All American Pipeline's dividend payout ratio (DPR) is 46.26%.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its position in shares of Plains All American Pipeline by 0.7% in the 4th quarter. Invesco Ltd. now owns 33,508,798 shares of the company's stock valued at $601,818,000 after buying an additional 228,106 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Plains All American Pipeline by 17.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company's stock worth $360,097,000 after acquiring an additional 3,033,216 shares in the last quarter. Morgan Stanley grew its stake in Plains All American Pipeline by 40.2% in the fourth quarter. Morgan Stanley now owns 9,881,248 shares of the company's stock valued at $177,467,000 after acquiring an additional 2,833,161 shares during the period. Tortoise Capital Advisors L.L.C. grew its stake in Plains All American Pipeline by 2.9% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 9,542,156 shares of the company's stock valued at $171,377,000 after acquiring an additional 265,555 shares during the period. Finally, BROOKFIELD Corp ON increased its holdings in shares of 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 worth $124,112,000 after acquiring an additional 1,076,291 shares in the last quarter. 41.78% of the stock is owned by institutional investors.

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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