Barclays Forecasts Strong Price Appreciation for Plains All American Pipeline (NYSE:PAA) Stock

Plains All American Pipeline (NYSE:PAA) had its price objective raised by equities research analysts at Barclays from $18.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the pipeline company’s stock. Barclays‘s price objective would indicate a potential downside of 5.28% from the stock’s previous close.

Several other brokerages have also commented 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 Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Friday, January 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $19.00 target price on shares of Plains All American Pipeline in a report on Friday, November 15th. Finally, Scotiabank reiterated 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.92.

Plains All American Pipeline Trading Down 0.5 %

NYSE PAA opened at $20.06 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 1-year low of $15.02 and a 1-year high of $20.35. The firm’s fifty day simple moving average is $17.81 and its 200-day simple moving average is $17.74. The company has a market capitalization of $14.12 billion, a PE ratio of 17.91 and a beta of 1.64.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business earned $0.35 EPS. As a group, sell-side analysts anticipate that Plains All American Pipeline will post 1.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PAA. JPMorgan Chase & Co. grew its position in Plains All American Pipeline by 58.9% during the third quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after buying an additional 2,677,951 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Plains All American Pipeline by 48.9% during the 3rd quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after purchasing an additional 1,125,386 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in shares of Plains All American Pipeline during the third quarter valued at approximately $11,634,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Plains All American Pipeline by 241.0% in the third 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 purchasing an additional 317,927 shares in the last quarter. Finally, ING Groep NV lifted its position in Plains All American Pipeline by 29.1% in the third quarter. ING Groep NV now owns 1,321,937 shares of the pipeline company’s stock worth $22,962,000 after purchasing an additional 297,937 shares during the period. 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.