Plains All American Pipeline (NYSE:PAA) Price Target Raised to $24.00

Plains All American Pipeline (NYSE:PAA) had its price objective increased by equities researchers at Raymond James from $23.00 to $24.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price target suggests a potential upside of 18.03% from the stock’s current price.

Several other research firms have also weighed in on PAA. Scotiabank restated a “sector outperform” rating and set a $23.00 price target on shares of Plains All American Pipeline in a report on Friday, January 10th. Morgan Stanley lowered Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Friday, January 10th. Bank of America began coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They issued a “neutral” rating and a $18.00 target price on the stock. Finally, Barclays lifted their target price on Plains All American Pipeline from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.21.

Plains All American Pipeline Stock Performance

Shares of NYSE:PAA traded up $0.16 during mid-day trading on Tuesday, reaching $20.33. 1,328,648 shares of the company traded hands, compared to its average volume of 4,117,991. The company’s 50 day moving average price is $18.15 and its 200-day moving average price is $17.79. The firm has a market cap of $14.31 billion, a PE ratio of 18.19 and a beta of 1.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.92. Plains All American Pipeline has a 52 week low of $15.02 and a 52 week high of $21.00.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.06. The business had revenue of $12.74 billion for 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 company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. On average, equities analysts expect that Plains All American Pipeline will post 1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Plains All American Pipeline during the 3rd quarter worth approximately $27,000. Future Financial Wealth Managment LLC acquired a new position in shares of Plains All American Pipeline during the 3rd quarter worth approximately $28,000. Sunbelt Securities Inc. raised its stake in shares of 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 worth $68,000 after buying an additional 1,318 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Plains All American Pipeline by 16.3% during 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 period. Finally, Avior Wealth Management LLC raised its stake in shares of Plains All American Pipeline by 100.0% during the 3rd quarter. Avior Wealth Management LLC now owns 8,000 shares of the pipeline company’s stock worth $139,000 after buying an additional 4,000 shares during the period. 41.78% of the stock is 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.