Plains All American Pipeline (NYSE:PAA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, March 16th.
According to Zacks, “Plains All American is modifying the way it manages inventory and implementing contractual provisions that will reduce earnings volatility. Investments to enhance its pipeline capacity and storage facilities will help the partnership to gain from the increasing fossil fuel production in the United States. In a year’s time, loss in Plains All American’s units were wider than the industry it belongs to. Intense competition in the midstream space, and stringent regulations and rising interest rates continue to be threats. Legislation and regulatory initiatives relating to hydraulic fracturing could reduce domestic production of crude oil and natural gas. This can lead to lower demand. “
Other research analysts also recently issued research reports about the company. Stifel Nicolaus restated a “hold” rating and issued a $24.00 target price (up previously from $22.00) on shares of Plains All American Pipeline in a research note on Thursday, February 8th. Credit Suisse Group assumed coverage on Plains All American Pipeline in a research note on Thursday, January 4th. They issued an “outperform” rating and a $25.00 target price for the company. Seaport Global Securities upgraded Plains All American Pipeline from a “neutral” rating to a “buy” rating and lifted their price target for the company from $23.00 to $25.00 in a research report on Thursday, February 8th. Robert W. Baird set a $22.00 price target on Plains All American Pipeline and gave the company a “hold” rating in a research report on Wednesday, February 7th. Finally, JPMorgan Chase reiterated an “overweight” rating and set a $28.00 price target (up previously from $27.00) on shares of Plains All American Pipeline in a research report on Tuesday, March 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the stock. Plains All American Pipeline currently has an average rating of “Hold” and a consensus target price of $26.37.
Shares of PAA stock traded down $0.18 on Friday, hitting $22.98. 2,790,322 shares of the stock were exchanged, compared to its average volume of 3,344,069. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.73 and a current ratio of 0.88. The company has a market capitalization of $16,665.23, a price-to-earnings ratio of 24.45 and a beta of 0.74. Plains All American Pipeline has a one year low of $18.38 and a one year high of $31.42.
Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Tuesday, February 6th. The pipeline company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.16). The firm had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $6.37 billion. Plains All American Pipeline had a return on equity of 10.01% and a net margin of 3.26%. The firm’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS. equities analysts predict that Plains All American Pipeline will post 1.35 EPS for the current year.
Institutional investors have recently made changes to their positions in the business. American Assets Investment Management LLC purchased a new position in Plains All American Pipeline in the 4th quarter worth approximately $103,000. Welch Group LLC purchased a new position in Plains All American Pipeline in the 4th quarter worth approximately $134,000. Spectrum Management Group Inc. purchased a new position in Plains All American Pipeline in the 3rd quarter worth approximately $142,000. Captrust Financial Advisors purchased a new position in Plains All American Pipeline in the 4th quarter worth approximately $158,000. Finally, SeaCrest Wealth Management LLC purchased a new position in Plains All American Pipeline in the 4th quarter worth approximately $166,000. 43.81% of the stock is currently owned by institutional investors and hedge funds.
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Plains All American Pipeline Company Profile
Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.
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