Plains All American Pipeline (NYSE:PAA) Stock Rating Lowered by Bank of America

Plains All American Pipeline (NYSE:PAA) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday,Finviz reports. They currently have a $19.00 target price on the pipeline company’s stock. Bank of America‘s target price indicates a potential downside of 2.81% from the company’s current price.

A number of other analysts have also issued reports on the company. Scotiabank reaffirmed an “outperform” rating on shares of Plains All American Pipeline in a research report on Friday, January 16th. Morgan Stanley upped their target price on Plains All American Pipeline from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $22.00 price target (down previously from $24.00) on shares of Plains All American Pipeline in a research report on Friday, October 24th. Barclays lowered 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. Finally, Mizuho set a $23.00 price objective on shares of Plains All American Pipeline in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.40.

Plains All American Pipeline Stock Up 1.3%

Shares of NYSE:PAA opened at $19.55 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 52-week low of $15.57 and a 52-week high of $20.96. The company has a 50 day moving average of $18.03 and a two-hundred day moving average of $17.58. The company has a market capitalization of $13.79 billion, a price-to-earnings ratio of 26.78 and a beta of 0.59.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.37 EPS. As a group, analysts forecast that Plains All American Pipeline will post 1.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CIBC Bancorp USA Inc. acquired a new stake in shares of Plains All American Pipeline in the 3rd quarter worth approximately $87,462,000. Invesco Ltd. increased its position in shares of Plains All American Pipeline by 10.1% during the 2nd quarter. Invesco Ltd. now owns 32,602,733 shares of the pipeline company’s stock valued at $597,282,000 after purchasing an additional 3,003,351 shares during the period. Berkley W R Corp purchased a new position in Plains All American Pipeline during the 3rd quarter worth approximately $32,871,000. Alps Advisors Inc. lifted its holdings in shares of Plains All American Pipeline by 2.2% in the third quarter. Alps Advisors Inc. now owns 76,066,823 shares of the pipeline company’s stock valued at $1,297,700,000 after purchasing an additional 1,663,908 shares in the last quarter. Finally, BROOKFIELD Corp ON grew its holdings in shares of Plains All American Pipeline by 18.9% during the second quarter. BROOKFIELD Corp ON now owns 6,774,650 shares of the pipeline company’s stock valued at $124,112,000 after buying an additional 1,076,291 shares in the last quarter. Institutional investors own 41.78% of the company’s stock.

About Plains All American Pipeline

Plains All American Pipeline, L.P. (NYSE: PAA) is a prominent North American midstream energy company that specializes in the transportation, storage and marketing of crude oil, natural gas liquids (NGLs) and refined products. The partnership’s integrated infrastructure network supports the movement of hydrocarbons from major supply basins to domestic and export markets, providing connectivity between production areas, refineries and marine terminals. Plains All American’s services include long-haul and short-haul pipeline systems, inventory services and fee-based storage contracts, helping producers and refiners optimize supply chains and manage market access.

The company operates an extensive onshore pipeline network that spans major U.S.