Plains All American Pipeline (NASDAQ:PAA) Raised to “Buy” at Wall Street Zen

Plains All American Pipeline (NASDAQ:PAA) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently commented on PAA. Scotiabank increased their target price on Plains All American Pipeline from $24.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. UBS Group upped their price objective on Plains All American Pipeline from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, September 21st. Barclays lifted their price objective on Plains All American Pipeline from $23.00 to $24.00 and gave the stock an “underweight” rating in a research report on Monday, September 21st. Mizuho boosted their target price on shares of Plains All American Pipeline from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, September 21st. Finally, Citigroup raised their price target on shares of Plains All American Pipeline from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, September 17th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $25.43.

Plains All American Pipeline Stock Performance

Shares of PAA stock opened at $23.75 on Friday. The stock has a market cap of $16.76 billion, a P/E ratio of 6.58, a P/E/G ratio of 8.19 and a beta of 0.57. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. Plains All American Pipeline has a fifty-two week low of $15.69 and a fifty-two week high of $26.39. The business has a fifty day simple moving average of $24.66 and a 200-day simple moving average of $23.22.

Plains All American Pipeline (NASDAQ:PAA) last announced its earnings results on Friday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.09). Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%.The business had revenue of $17.69 billion for the quarter. During the same period in the prior year, the firm posted $0.36 EPS. The company’s revenue was up 66.3% compared to the same quarter last year. On average, analysts forecast that Plains All American Pipeline will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in shares of Plains All American Pipeline by 17.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 20,049,972 shares of the company’s stock worth $360,097,000 after buying an additional 3,033,216 shares during the period. BROOKFIELD Corp ON grew its position in Plains All American Pipeline by 428.2% during the first quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock valued at $82,430,000 after acquiring an additional 2,992,549 shares during the period. Infrastructure Capital Advisors LLC increased its stake in Plains All American Pipeline by 4.4% during the first quarter. Infrastructure Capital Advisors LLC now owns 3,089,992 shares of the company’s stock worth $69,000,000 after acquiring an additional 130,164 shares during the last quarter. Cohen & Steers Inc. increased its stake in Plains All American Pipeline by 97.9% during the fourth quarter. Cohen & Steers Inc. now owns 2,502,309 shares of the company’s stock worth $44,941,000 after acquiring an additional 1,237,877 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC raised its holdings in shares of Plains All American Pipeline by 21.5% in the 4th quarter. Longfellow Investment Management Co. LLC now owns 1,594,440 shares of the company’s stock worth $28,636,000 after purchasing an additional 281,609 shares during the period. Institutional investors and hedge funds own 41.78% of the company’s stock.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. is a publicly traded master limited partnership that provides midstream energy infrastructure and logistics services. The company primarily transports, stores and handles crude oil and natural gas liquids (NGLs) for producers, refiners, exporters and other energy customers.

Its operations include pipeline transportation, gathering systems, storage terminals, rail and truck facilities, and other supply-chain assets. Plains also provides terminalling, inventory management and related logistics services that connect production areas with refineries, processing facilities and export markets.

Plains All American serves key producing regions in the United States and Canada, with a significant presence in the Permian Basin and other North American oil and NGL markets.