Plains All American Pipeline (NYSE:PAA) Price Target Cut to $18.00 by Analysts at Scotiabank

Key Points

• Scotiabank has reduced its price target for Plains All American Pipeline from $19.00 to $18.00, indicating a potential upside of only 1.21% from the current price.
• Plains All American Pipeline's latest earnings report showed $0.36 earnings per share, surpassing expectations, but revenue declined by 16.6% compared to the previous year.
• The stock currently holds an average rating of "Hold" from analysts, with various ratings including one "sell," seven "hold," four "buy," and one "strong buy."

Plains All American Pipeline (NYSE:PAA - Free Report) had its price target lowered by Scotiabank from $19.00 to $18.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a sector outperform rating on the pipeline company's stock.

PAA has been the subject of a number of other research reports. Barclays restated an "underweight" rating on shares of Plains All American Pipeline in a research report on Friday, August 8th. Royal Bank Of Canada restated a "sector perform" rating and issued a $20.00 price objective on shares of Plains All American Pipeline in a research report on Friday, May 16th. Citigroup set a $18.00 price objective on shares of Plains All American Pipeline and gave the company a "neutral" rating in a research report on Friday, August 8th. UBS Group set a $25.00 price objective on shares of Plains All American Pipeline and gave the company a "buy" rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Plains All American Pipeline from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $20.67.

Plains All American Pipeline Trading Up 0.5%

Shares of PAA stock traded up $0.09 during trading hours on Thursday, reaching $17.61. The company had a trading volume of 337,157 shares, compared to its average volume of 3,574,125. The company has a 50 day moving average of $18.25 and a 200 day moving average of $18.37. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market cap of $12.38 billion, a price-to-earnings ratio of 24.13 and a beta of 0.73. Plains All American Pipeline has a 1-year low of $15.57 and a 1-year high of $21.00.

Plains All American Pipeline (NYSE:PAA - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The pipeline company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. During the same period in the previous year, the company posted $0.31 earnings per share. The business's quarterly revenue was down 16.6% compared to the same quarter last year. On average, equities research analysts anticipate that Plains All American Pipeline will post 1.52 EPS for the current year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date was Thursday, July 31st. Plains All American Pipeline's dividend payout ratio (DPR) is currently 172.73%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PAA. Apollon Wealth Management LLC lifted its stake in Plains All American Pipeline by 0.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 80,515 shares of the pipeline company's stock valued at $1,475,000 after purchasing an additional 628 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Plains All American Pipeline by 107.0% in the 1st quarter. Farther Finance Advisors LLC now owns 1,271 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 657 shares during the last quarter. Capital Advisory Group Advisory Services LLC lifted its stake in Plains All American Pipeline by 2.5% in the 1st quarter. Capital Advisory Group Advisory Services LLC now owns 28,450 shares of the pipeline company's stock valued at $569,000 after purchasing an additional 685 shares during the last quarter. HB Wealth Management LLC lifted its stake in Plains All American Pipeline by 5.2% in the 2nd quarter. HB Wealth Management LLC now owns 15,247 shares of the pipeline company's stock valued at $279,000 after purchasing an additional 748 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Plains All American Pipeline by 76.1% in the 2nd quarter. Blue Trust Inc. now owns 1,761 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 761 shares during the last quarter. 41.78% of the stock is currently owned by institutional investors.

Plains All American Pipeline Company Profile

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.