Scotiabank Reaffirms “Sector Outperform” Rating for Plains All American Pipeline (NYSE:PAA)

Plains All American Pipeline (NYSE:PAA)‘s stock had its “sector outperform” rating reissued by research analysts at Scotiabank in a research report issued on Friday,Benzinga reports. They currently have a $23.00 target price on the pipeline company’s stock. Scotiabank’s price target would indicate a potential upside of 20.10% from the stock’s previous close.

Several other research firms have also weighed in on PAA. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 target price on shares of Plains All American Pipeline in a report on Friday, November 15th. Morgan Stanley lowered shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Wells Fargo & Company downgraded Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Friday. Finally, Bank of America began coverage on Plains All American Pipeline in a report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.00.

Plains All American Pipeline Price Performance

Shares of PAA traded up $0.42 during trading hours on Friday, reaching $19.15. The company had a trading volume of 907,821 shares, compared to its average volume of 4,396,104. 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 has a 12-month low of $15.02 and a 12-month high of $19.31. The firm has a 50 day simple moving average of $17.53 and a 200-day simple moving average of $17.67. The company has a market capitalization of $13.48 billion, a price-to-earnings ratio of 17.10 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. Research analysts expect that Plains All American Pipeline will post 1.24 earnings per share for the current year.

Institutional Trading of Plains All American Pipeline

Several institutional investors have recently made changes to their positions in the stock. Fortem Financial Group LLC raised its position in shares of Plains All American Pipeline by 4.4% in the 4th quarter. Fortem Financial Group LLC now owns 66,278 shares of the pipeline company’s stock worth $1,132,000 after buying an additional 2,772 shares during the period. CWA Asset Management Group LLC increased its stake in Plains All American Pipeline by 0.8% during the fourth quarter. CWA Asset Management Group LLC now owns 266,756 shares of the pipeline company’s stock worth $4,556,000 after acquiring an additional 2,109 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Plains All American Pipeline by 58.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after purchasing an additional 2,677,951 shares during the period. Syntax Research Inc. purchased a new stake in shares of Plains All American Pipeline during the 3rd quarter worth about $1,742,000. Finally, Tidal Investments LLC grew its holdings in shares of Plains All American Pipeline by 6.0% during the 3rd quarter. Tidal Investments LLC now owns 24,815 shares of the pipeline company’s stock worth $431,000 after purchasing an additional 1,400 shares during the period. 41.78% of the stock is owned by hedge funds and other institutional investors.

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.