Truist Financial Initiates Coverage on Plains All American Pipeline (NASDAQ:PAA)

Key Points

• Truist Financial initiated coverage on Plains All American (NASDAQ:PAA) with a Buy rating and a $23.00 price target, implying roughly a 2.8% upside from the current price.
• Analyst consensus is mixed: MarketBeat shows an average rating of Hold and an average target of $21.85, with 1 Strong Buy, 6 Buy, 7 Hold and 2 Sell ratings.
• Plains recently missed quarterly EPS (reported $0.17 vs. $0.50 expected) and saw revenue fall 12.2% year-over-year; the stock trades near $22.39 with a market cap of about $15.8 billion.

Truist Financial assumed coverage on shares of Plains All American Pipeline (NASDAQ:PAA - Get Free Report) in a report issued on Tuesday,Benzinga reports. The firm set a "buy" rating and a $23.00 price target on the stock. Truist Financial's price target points to a potential upside of 2.75% from the stock's current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings reissued a "buy (b-)" rating on shares of Plains All American Pipeline in a research report on Monday, December 29th. Citigroup upped their target price on Plains All American Pipeline from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Tuesday, February 10th. Wells Fargo & Company raised their target price on Plains All American Pipeline from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th. UBS Group reaffirmed a "buy" rating on shares of Plains All American Pipeline in a research report on Monday, February 9th. Finally, Scotiabank reissued an "outperform" rating on shares of Plains All American Pipeline in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $21.85.

Plains All American Pipeline Stock Performance

NASDAQ:PAA traded up $0.61 during midday trading on Tuesday, reaching $22.39. 896,762 shares of the stock traded hands, compared to its average volume of 3,820,354. The company has a market cap of $15.79 billion, a PE ratio of 13.50, a PEG ratio of 3.39 and a beta of 0.58. Plains All American Pipeline has a 12-month low of $15.57 and a 12-month high of $22.41. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.92. The firm has a 50-day moving average price of $20.35.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last released its quarterly earnings results on Friday, February 6th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.33). Plains All American Pipeline had a return on equity of 10.76% and a net margin of 3.21%.During the same quarter in the previous year, the business earned $0.42 earnings per share. Plains All American Pipeline's revenue was down 12.2% on a year-over-year basis.

Hedge Funds Weigh In On Plains All American Pipeline

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mather Group LLC. purchased a new stake in shares of Plains All American Pipeline in the third quarter valued at approximately $33,000. Caldwell Trust Co purchased a new position in shares of Plains All American Pipeline during the 3rd quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. grew its stake in Plains All American Pipeline by 40.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $41,000 after acquiring an additional 655 shares during the period. Aventura Private Wealth LLC acquired a new stake in shares of Plains All American Pipeline in the fourth quarter valued at about $42,000. Finally, Global Retirement Partners LLC lifted its stake in Plains All American Pipeline by 468.7% in the 3rd quarter. Global Retirement Partners LLC now owns 2,582 shares of the company's stock valued at $44,000 after buying an additional 2,128 shares in the last quarter. Institutional investors and hedge funds own 41.78% of the company's stock.

Plains All American Pipeline Company Profile

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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