Plains All American Pipeline (NYSE:PAA) Stock Price Up 4.7% – Here’s What Happened

Plains All American Pipeline, L.P. (NYSE:PAA)’s stock price traded up 4.7% on Wednesday . The stock traded as high as $18.55 and last traded at $18.46. 970,842 shares changed hands during trading, a decline of 72% from the average session volume of 3,452,345 shares. The stock had previously closed at $17.63.

Wall Street Analysts Forecast Growth

PAA has been the topic of several analyst reports. Bank of America started coverage on Plains All American Pipeline in a research report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 price target on the stock. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $19.00 price objective on shares of Plains All American Pipeline in a research note on Friday, November 15th. Finally, Wells Fargo & Company cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.82.

Plains All American Pipeline Price Performance

The company has a market cap of $13.12 billion, a P/E ratio of 16.64 and a beta of 1.64. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a 50 day moving average price of $17.44 and a two-hundred day moving average price of $17.66.

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

Hedge Funds Weigh In On Plains All American Pipeline

A number of large investors have recently added to or reduced their stakes in PAA. Wilmington Savings Fund Society FSB purchased a new position in shares of Plains All American Pipeline in the third quarter valued at about $27,000. Future Financial Wealth Managment LLC purchased a new position in Plains All American Pipeline during the 3rd quarter valued at about $28,000. Sunbelt Securities Inc. raised its position in Plains All American Pipeline by 53.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock valued at $68,000 after purchasing an additional 1,318 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Plains All American Pipeline by 31.2% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 4,460 shares of the pipeline company’s stock worth $80,000 after buying an additional 1,060 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Plains All American Pipeline by 16.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock worth $109,000 after buying an additional 856 shares during the last quarter. Hedge funds and other institutional investors own 41.78% of the company’s stock.

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.