Plains All American Pipeline (NASDAQ:PAA) Hits New 12-Month High – Here’s Why

Shares of Plains All American Pipeline Lp (NASDAQ:PAA) hit a new 52-week high during trading on Monday . The company traded as high as $26.39 and last traded at $26.1850, with a volume of 112414 shares trading hands. The stock had previously closed at $26.10.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PAA shares. The Goldman Sachs Group raised shares of Plains All American Pipeline from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Morgan Stanley increased their target price on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 18th. Royal Bank Of Canada lifted their price target on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Monday, August 17th. Barclays boosted their price target on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Finally, UBS Group restated a “buy” rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.31.

Plains All American Pipeline Stock Up 0.2%

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. The firm’s fifty day simple moving average is $24.33 and its 200 day simple moving average is $22.86. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of 7.25, a P/E/G ratio of 9.14 and a beta of 0.52.

Plains All American Pipeline (NASDAQ:PAA) last released its quarterly earnings results 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). Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company had revenue of $17.69 billion during the quarter. During the same period in the previous year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 66.3% on a year-over-year basis. On average, sell-side analysts forecast that Plains All American Pipeline Lp will post 1.75 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.4175 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.4%. Plains All American Pipeline’s dividend payout ratio is presently 46.26%.

Institutional Trading of Plains All American Pipeline

Hedge funds and other institutional investors have recently modified their holdings of the company. Bullseye Investment Management LLC bought a new stake in shares of Plains All American Pipeline in the second quarter valued at about $44,000. Tidal Investments LLC grew its holdings in shares of Plains All American Pipeline by 754.8% during the second quarter. Tidal Investments LLC now owns 87,636 shares of the company’s stock worth $1,951,000 after buying an additional 77,384 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Plains All American Pipeline by 7.0% during the second quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $307,000 after buying an additional 905 shares in the last quarter. NewEdge Advisors LLC raised its position in Plains All American Pipeline by 15.2% in the 2nd quarter. NewEdge Advisors LLC now owns 139,680 shares of the company’s stock valued at $3,109,000 after buying an additional 18,465 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Plains All American Pipeline by 0.7% in the 2nd quarter. Parkside Financial Bank & Trust now owns 60,291 shares of the company’s stock valued at $1,342,000 after buying an additional 392 shares during 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, L.P. is a midstream energy infrastructure company that provides transportation, storage, gathering, logistics and related services for crude oil and natural gas liquids (NGLs). The company generally does not produce oil or gas; instead, it helps move and manage hydrocarbons from producing regions to refineries, processing facilities, export terminals and other end markets.

Plains operates an extensive network of pipelines, gathering systems, storage facilities, rail and truck transportation assets, and terminals.