Zacks Research Upgrades Plains All American Pipeline (NASDAQ:PAA) to "Hold"

Key Points

• Zacks Research upgraded Plains All American Pipeline to “Hold” from “Strong Sell,” while the broader analyst consensus remains “Hold” with an average price target of $23.23.
• Several analysts remain positive, including Scotiabank and Mizuho, which raised their price targets to $24 and $27, respectively, and maintained outperform ratings.
• Plains All American reported quarterly EPS of $0.41, below the $0.50 consensus estimate, though revenue rose 66.3% year over year to $17.69 billion.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Scotiabank upped their target price on shares of Plains All American Pipeline from $23.00 to $24.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Wells Fargo & Company raised their price target on shares of Plains All American Pipeline from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Plains All American Pipeline in a research report on Wednesday, July 15th. UBS Group reissued a "buy" rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. Finally, Mizuho upped 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $23.23.

Plains All American Pipeline Stock Performance

Shares of NASDAQ PAA opened at $23.15 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.02. The business's 50 day moving average is $23.01 and its two-hundred day moving average is $22.02. The company has a market cap of $16.33 billion, a P/E ratio of 6.41, a P/E/G ratio of 7.81 and a beta of 0.50. Plains All American Pipeline has a 12 month low of $15.69 and a 12 month high of $25.03.

Plains All American Pipeline (NASDAQ:PAA - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.09). The business had revenue of $17.69 billion during the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.50%. The company's revenue for the quarter was up 66.3% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. On average, equities analysts expect that Plains All American Pipeline will post 1.83 EPS for the current year.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Life Planners bought a new stake in Plains All American Pipeline in the first quarter valued at $27,000. Allied Private Wealth LLC bought a new position in shares of Plains All American Pipeline during the second quarter valued at $33,000. Fulcrum Asset Management LLP bought a new position in shares of Plains All American Pipeline during the third quarter valued at $50,000. Scarborough Advisors LLC acquired a new stake in shares of Plains All American Pipeline in the 1st quarter valued at $80,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Plains All American Pipeline by 1,164.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,794 shares of the company's stock valued at $85,000 after purchasing an additional 3,494 shares in the last quarter. Institutional investors own 41.78% of the company's stock.

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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