Plains All American Pipeline (NASDAQ:PAA) Hits New 12-Month High – Still a Buy?

Plains All American Pipeline Lp (NASDAQ:PAA)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $24.39 and last traded at $24.4250, with a volume of 406695 shares trading hands. The stock had previously closed at $23.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PAA shares. Wells Fargo & Company boosted their price target on Plains All American Pipeline from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. The Goldman Sachs Group raised shares of Plains All American Pipeline from a “sell” rating to a “neutral” rating and increased their price objective for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Truist Financial lifted their target price on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the stock a “buy” rating in a research note 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, Morgan Stanley upped their price target on shares of Plains All American Pipeline from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Plains All American Pipeline has an average rating of “Hold” and a consensus target price of $23.23.

Plains All American Pipeline Stock Down 0.1%

The company has a debt-to-equity ratio of 1.02, a current ratio of 0.94 and a quick ratio of 0.88. The business’s 50 day moving average price is $22.74 and its 200 day moving average price is $21.45. The firm has a market cap of $17.14 billion, a PE ratio of 18.54, a PEG ratio of 9.60 and a beta of 0.50.

Plains All American Pipeline (NASDAQ:PAA) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). Plains All American Pipeline had a return on equity of 12.17% and a net margin of 2.53%.The firm had revenue of $12.47 billion during the quarter. During the same quarter last year, the firm posted $0.39 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that Plains All American Pipeline Lp will post 1.55 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend is Friday, July 31st. Plains All American Pipeline’s payout ratio is 127.48%.

Institutional Trading of Plains All American Pipeline

A number of hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its holdings in shares of Plains All American Pipeline by 17.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock worth $360,097,000 after purchasing an additional 3,033,216 shares during the last quarter. BROOKFIELD Corp ON increased its holdings in shares of Plains All American Pipeline by 428.2% in the first quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock valued at $82,430,000 after purchasing an additional 2,992,549 shares during the last quarter. Morgan Stanley increased its holdings in shares of Plains All American Pipeline by 40.2% in the fourth quarter. Morgan Stanley now owns 9,881,248 shares of the company’s stock valued at $177,467,000 after purchasing an additional 2,833,161 shares during the last quarter. Cohen & Steers Inc. lifted its position in Plains All American Pipeline by 97.9% during the fourth quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company’s stock worth $44,941,000 after buying an additional 1,237,877 shares in the last quarter. Finally, Berkley W R Corp raised its holdings in shares of Plains All American Pipeline by 39.3% during the 4th quarter. Berkley W R Corp now owns 2,684,307 shares of the company’s stock worth $48,210,000 after acquiring an additional 757,505 shares during the period. 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.