Plains All American Pipeline (NYSE:PAA) Price Target Raised to $23.00

Plains All American Pipeline (NYSE:PAA) had its target price increased by Scotiabank from $22.00 to $23.00 in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have a sector outperform rating on the pipeline company’s stock.

PAA has been the subject of several other reports. Bank of America downgraded Plains All American Pipeline from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a report on Wednesday, January 28th. Mizuho set a $23.00 price objective on Plains All American Pipeline in a research note on Friday, January 23rd. Raymond James Financial reissued a “strong-buy” rating and issued a $22.00 price objective (down from $24.00) on shares of Plains All American Pipeline in a report on Friday, October 24th. Barclays raised their target price on shares of Plains All American Pipeline from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday. Finally, Wells Fargo & Company upped their price target on shares of Plains All American Pipeline from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.09.

Plains All American Pipeline Stock Performance

Shares of PAA opened at $19.78 on Monday. The company has a market capitalization of $13.95 billion, a price-to-earnings ratio of 27.10 and a beta of 0.60. Plains All American Pipeline has a 52-week low of $15.57 and a 52-week high of $20.77. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The stock has a 50 day moving average price of $18.54 and a 200 day moving average price of $17.65.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings data on Friday, February 6th. The pipeline company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.33). Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%.During the same quarter last year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. Research analysts predict that Plains All American Pipeline will post 1.52 EPS for the current fiscal year.

Plains All American Pipeline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 8.4%. This is a boost from Plains All American Pipeline’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, January 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 100.60%.

Hedge Funds Weigh In On Plains All American Pipeline

Several institutional investors have recently bought and sold shares of PAA. CIBC Bancorp USA Inc. acquired a new stake in shares of Plains All American Pipeline in the 3rd quarter worth $87,462,000. Goldman Sachs Group Inc. raised its holdings in Plains All American Pipeline by 17.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the pipeline company’s stock worth $360,097,000 after purchasing an additional 3,033,216 shares in the last quarter. Invesco Ltd. lifted its position in Plains All American Pipeline by 10.1% in the second 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 stake in Plains All American Pipeline in the 3rd quarter valued at approximately $32,871,000. Finally, Alps Advisors Inc. increased its position in Plains All American Pipeline by 2.2% during the 3rd quarter. Alps Advisors Inc. now owns 76,066,823 shares of the pipeline company’s stock worth $1,297,700,000 after purchasing an additional 1,663,908 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

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.