Scotiabank Cuts Plains All American Pipeline (NYSE:PAA) Price Target to $20.00

Plains All American Pipeline (NYSE:PAA - Get Free Report) had its target price cut by research analysts at Scotiabank from $21.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the pipeline company's stock. Scotiabank's price target indicates a potential upside of 18.24% from the stock's previous close.

Several other analysts have also issued reports on PAA. UBS Group restated a "buy" rating on shares of Plains All American Pipeline in a research note on Friday. Raymond James restated a "strong-buy" rating on shares of Plains All American Pipeline in a research note on Friday. Wells Fargo & Company cut Plains All American Pipeline from an "overweight" rating to an "equal weight" rating in a report on Friday. Morgan Stanley reiterated an "equal weight" rating and issued a $23.00 price objective on shares of Plains All American Pipeline in a report on Friday. Finally, Barclays reiterated an "underweight" rating and issued a $18.00 price objective on shares of Plains All American Pipeline in a report on Friday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Plains All American Pipeline has an average rating of "Hold" and an average price target of $20.67.

Plains All American Pipeline Stock Performance

Plains All American Pipeline stock traded up $0.48 during mid-day trading on Monday, reaching $16.92. 1,920,109 shares of the company's stock were exchanged, compared to its average volume of 3,098,356. The business's fifty day simple moving average is $18.31 and its 200 day simple moving average is $18.44. The firm has a market capitalization of $11.90 billion, a PE ratio of 23.16 and a beta of 0.70. Plains All American Pipeline has a one year low of $15.58 and a one year high of $21.00. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.06). Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%. Plains All American Pipeline's revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. On average, sell-side analysts expect that Plains All American Pipeline will post 1.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PAA. Invesco Ltd. grew its stake in shares of Plains All American Pipeline by 4.6% in the 4th quarter. Invesco Ltd. now owns 27,827,930 shares of the pipeline company's stock worth $475,301,000 after buying an additional 1,224,381 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Plains All American Pipeline by 7.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company's stock valued at $422,894,000 after purchasing an additional 1,524,185 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Plains All American Pipeline by 8.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company's stock valued at $261,283,000 after purchasing an additional 1,211,286 shares during the last quarter. Tortoise Capital Advisors L.L.C. boosted its stake in Plains All American Pipeline by 0.6% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 13,321,966 shares of the pipeline company's stock valued at $227,539,000 after purchasing an additional 75,509 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Plains All American Pipeline by 8.7% during the 4th quarter. JPMorgan Chase & Co. now owns 7,851,712 shares of the pipeline company's stock valued at $134,107,000 after purchasing an additional 630,141 shares during the last quarter. Hedge funds and other institutional investors own 41.78% of the company's stock.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.

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