Plains All American Pipeline (NYSE:PAA) Price Target Increased to $20.00 by Analysts at Wells Fargo & Company

Plains All American Pipeline (NYSE:PAA) had its price target hoisted by Wells Fargo & Company from $19.00 to $20.00 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has an overweight rating on the pipeline company’s stock.

A number of other research firms have also recently commented on PAA. Truist Financial boosted their target price on shares of Plains All American Pipeline from $21.00 to $23.00 and gave the stock a buy rating in a research report on Tuesday, March 19th. UBS Group upped their price objective on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the company a buy rating in a research report on Friday, April 12th. StockNews.com lowered Plains All American Pipeline from a strong-buy rating to a buy rating in a research report on Thursday, May 2nd. Scotiabank assumed coverage on Plains All American Pipeline in a research note on Monday, April 8th. They set a sector outperform rating and a $23.00 price objective for the company. Finally, Citigroup upped their target price on Plains All American Pipeline from $17.50 to $18.00 and gave the company a neutral rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $19.15.

Plains All American Pipeline Trading Up 0.7 %

NYSE PAA traded up $0.12 during mid-day trading on Wednesday, reaching $17.78. 2,211,727 shares of the stock were exchanged, compared to its average volume of 3,433,967. The stock has a market capitalization of $12.47 billion, a PE ratio of 15.29 and a beta of 1.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.87 and a current ratio of 0.98. Plains All American Pipeline has a 1-year low of $12.50 and a 1-year high of $19.03. The business’s fifty day simple moving average is $17.42 and its 200 day simple moving average is $16.18.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The firm had revenue of $12 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that Plains All American Pipeline will post 1.32 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.14%. The ex-dividend date is Tuesday, April 30th. Plains All American Pipeline’s dividend payout ratio is currently 109.48%.

Hedge Funds Weigh In On Plains All American Pipeline

Hedge funds have recently modified their holdings of the company. Blackstone Inc. lifted its position in shares of Plains All American Pipeline by 131.6% during the 3rd quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock valued at $371,771,000 after acquiring an additional 13,787,485 shares during the last quarter. Alps Advisors Inc. raised its holdings in Plains All American Pipeline by 14.3% during the 3rd quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock worth $1,026,923,000 after buying an additional 8,406,683 shares during the period. UBS Group AG lifted its stake in Plains All American Pipeline by 89.3% during the fourth quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock valued at $129,630,000 after buying an additional 4,035,328 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Plains All American Pipeline by 9.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,908,296 shares of the pipeline company’s stock worth $195,561,000 after buying an additional 1,135,737 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Plains All American Pipeline by 69.4% in the first quarter. BNP Paribas Financial Markets now owns 1,824,808 shares of the pipeline company’s stock valued at $32,044,000 after purchasing an additional 747,852 shares in the last quarter. 41.78% of the stock is currently owned by institutional investors and hedge funds.

About Plains All American Pipeline

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.