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

Key Points

• Plains All American Pipeline reached a new 52-week high, trading at approximately $25.97, compared with its prior close of $25.70.
• Analysts have generally raised their price targets, including Mizuho’s increase to $27, though MarketBeat’s overall consensus remains “Hold” with a $24.08 target.
• The company reported quarterly EPS of $0.41, below the $0.50 estimate, but revenue rose 66.3% year over year. PAA also maintains a quarterly dividend of $0.4175 per share, representing a 6.4% annualized yield.

Plains All American Pipeline Lp (NASDAQ:PAA - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $25.97 and last traded at $25.9730, with a volume of 2275311 shares changing hands. The stock had previously closed at $25.70.

Analysts Set New Price Targets

Several equities analysts have weighed in on PAA shares. Weiss Ratings raised shares of Plains All American Pipeline from a "buy (b-)" rating to a "buy (b+)" rating in a report on Tuesday, August 25th. UBS Group reaffirmed a "buy" rating on shares of Plains All American Pipeline in a report on Tuesday, June 16th. Mizuho raised their price target on Plains All American Pipeline from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Truist Financial upped their price objective on Plains All American Pipeline from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Barclays increased their target price on Plains All American Pipeline from $21.00 to $23.00 and gave the stock an "underweight" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $24.08.

Plains All American Pipeline Price Performance

The company has a market cap of $18.32 billion, a P/E ratio of 7.19, a PEG ratio of 9.22 and a beta of 0.52. The firm's 50-day moving average is $24.05 and its two-hundred day moving average is $22.72. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.09). The business had revenue of $17.69 billion for the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The firm's revenue was up 66.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 EPS. Analysts anticipate that Plains All American Pipeline Lp will post 1.71 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.4%. Plains All American Pipeline's payout ratio is currently 46.26%.

Institutional Trading of Plains All American Pipeline

Several institutional investors and hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust boosted its holdings in shares of Plains All American Pipeline by 0.7% in the second quarter. Parkside Financial Bank & Trust now owns 60,291 shares of the company's stock valued at $1,342,000 after purchasing an additional 392 shares during the period. HB Wealth Management LLC grew its position in shares of Plains All American Pipeline by 3.4% during the 2nd quarter. HB Wealth Management LLC now owns 15,988 shares of the company's stock worth $356,000 after buying an additional 525 shares in the last quarter. Angeles Wealth Management LLC grew its position in shares of Plains All American Pipeline by 4.2% during the 2nd quarter. Angeles Wealth Management LLC now owns 200,924 shares of the company's stock worth $4,473,000 after buying an additional 8,117 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Plains All American Pipeline by 1.7% during the second quarter. Concurrent Investment Advisors LLC now owns 30,124 shares of the company's stock valued at $671,000 after buying an additional 509 shares during the period. Finally, NEOS Investment Management LLC raised its holdings in shares of Plains All American Pipeline by 34.6% in the second quarter. NEOS Investment Management LLC now owns 774,913 shares of the company's stock valued at $17,250,000 after acquiring an additional 199,296 shares in the last quarter. 41.78% of the stock is currently 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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