Plains All American Pipeline (NYSE:PAA) Given New $19.00 Price Target at Scotiabank

Plains All American Pipeline (NYSE:PAA) had its price objective reduced by investment analysts at Scotiabank from $20.00 to $19.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s target price points to a potential upside of 13.33% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $22.00 price target (down from $24.00) on shares of Plains All American Pipeline in a research note on Friday, October 24th. JPMorgan Chase & Co. dropped their target price on Plains All American Pipeline from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 18th. Zacks Research raised Plains All American Pipeline to a “hold” rating in a research note on Monday, August 11th. Citigroup set a $18.00 price target on Plains All American Pipeline and gave the stock a “neutral” rating in a research note on Friday, August 8th. Finally, Barclays dropped their price objective on Plains All American Pipeline from $18.00 to $17.00 and set an “underweight” rating for the company in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.45.

Plains All American Pipeline Trading Up 1.5%

Shares of NYSE PAA traded up $0.26 during trading hours on Thursday, hitting $16.77. 609,753 shares of the company traded hands, compared to its average volume of 3,387,056. The company’s 50 day moving average price is $16.82 and its 200 day moving average price is $17.42. Plains All American Pipeline has a 12 month low of $15.57 and a 12 month high of $21.00. The stock has a market capitalization of $11.79 billion, a price-to-earnings ratio of 22.97 and a beta of 0.74. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. During the same quarter last year, the business earned $0.37 earnings per share. Plains All American Pipeline’s revenue was down 7.0% compared to the same quarter last year. On average, equities research analysts anticipate that Plains All American Pipeline will post 1.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Plains All American Pipeline

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in Plains All American Pipeline by 11.2% during the first quarter. Bank of New York Mellon Corp now owns 147,907 shares of the pipeline company’s stock valued at $2,958,000 after acquiring an additional 14,956 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Plains All American Pipeline by 21.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 349,280 shares of the pipeline company’s stock worth $6,986,000 after purchasing an additional 62,221 shares during the period. CWM LLC increased its holdings in shares of Plains All American Pipeline by 32.3% during the 1st quarter. CWM LLC now owns 8,558 shares of the pipeline company’s stock valued at $171,000 after purchasing an additional 2,090 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in shares of Plains All American Pipeline by 65.7% in the 1st quarter. Apollon Wealth Management LLC now owns 79,887 shares of the pipeline company’s stock valued at $1,598,000 after purchasing an additional 31,670 shares during the period. Finally, Private Advisor Group LLC boosted its holdings in Plains All American Pipeline by 2.3% during the first quarter. Private Advisor Group LLC now owns 171,807 shares of the pipeline company’s stock worth $3,436,000 after buying an additional 3,872 shares in the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

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.