Wells Fargo & Company Downgrades Plains All American Pipeline (NYSE:PAA) to Equal Weight

Plains All American Pipeline (NYSE:PAA) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday,Finviz reports. They presently have a $20.00 price target on the pipeline company’s stock, down from their previous price target of $22.00. Wells Fargo & Company‘s price target would suggest a potential upside of 14.68% from the stock’s current price.

A number of other research firms also recently issued reports on PAA. Bank of America started coverage on shares of Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target on the stock. Morgan Stanley cut shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $19.82.

Plains All American Pipeline Trading Down 0.6 %

Shares of Plains All American Pipeline stock opened at $17.44 on Wednesday. Plains All American Pipeline has a twelve month low of $14.87 and a twelve month high of $19.17. 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 business has a 50-day moving average price of $17.48 and a 200-day moving average price of $17.63. The firm has a market cap of $12.27 billion, a price-to-earnings ratio of 15.57 and a beta of 1.64.

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

Institutional Trading of Plains All American Pipeline

A number of hedge funds and other institutional investors have recently bought and sold shares of PAA. Citigroup Inc. boosted its stake in shares of Plains All American Pipeline by 48.9% during the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock valued at $59,560,000 after purchasing an additional 1,125,386 shares during the period. Acadian Asset Management LLC lifted its holdings in Plains All American Pipeline by 114.9% during the 2nd quarter. Acadian Asset Management LLC now owns 1,908,416 shares of the pipeline company’s stock valued at $34,081,000 after buying an additional 1,020,277 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Plains All American Pipeline during the 3rd quarter valued at about $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Plains All American Pipeline by 241.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 449,827 shares of the pipeline company’s stock valued at $7,813,000 after buying an additional 317,927 shares during the period. Finally, ING Groep NV grew its stake in Plains All American Pipeline by 29.1% in the 3rd quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after acquiring an additional 297,937 shares in 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.