Plains All American Pipeline (NYSE:PAA) Price Target Raised to $18.00 at Citigroup

Plains All American Pipeline (NYSE:PAA) had its price objective increased by Citigroup from $17.50 to $18.00 in a research report sent to investors on Monday morning, Benzinga reports. Citigroup currently has a neutral rating on the pipeline company’s stock.

Several other equities analysts have also recently issued reports on PAA. The Goldman Sachs Group lifted their price objective on Plains All American Pipeline from $14.50 to $16.00 and gave the company a sell rating in a research note on Friday, April 12th. Scotiabank initiated coverage on Plains All American Pipeline in a research note on Monday, April 8th. They issued a sector outperform rating and a $23.00 price objective for the company. UBS Group lifted their price objective on Plains All American Pipeline from $21.00 to $22.00 and gave the company a buy rating in a research note on Friday, April 12th. TD Securities lifted their price objective on Plains All American Pipeline from $17.00 to $18.00 and gave the company a hold rating in a research note on Monday. Finally, StockNews.com cut Plains All American Pipeline from a strong-buy rating to a buy rating in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.08.

Plains All American Pipeline Stock Performance

NYSE PAA opened at $17.64 on Monday. The stock has a market cap of $12.37 billion, a PE ratio of 12.23 and a beta of 1.58. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a twelve month low of $12.50 and a twelve month high of $19.03. The stock has a fifty day simple moving average of $17.40 and a 200-day simple moving average of $16.16.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $12 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Plains All American Pipeline had a return on equity of 10.53% and a net margin of 2.08%. The company’s revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. Equities analysts anticipate that Plains All American Pipeline will post 1.32 earnings per share for the current year.

Plains All American Pipeline Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a $0.3175 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $1.27 annualized dividend and a dividend yield of 7.20%. Plains All American Pipeline’s dividend payout ratio (DPR) is currently 109.48%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PAA. Blackstone Inc. grew its stake in shares of Plains All American Pipeline by 131.6% in the 3rd quarter. Blackstone Inc. now owns 24,267,022 shares of the pipeline company’s stock valued at $371,771,000 after purchasing an additional 13,787,485 shares during the last quarter. Alps Advisors Inc. boosted its stake in shares of Plains All American Pipeline by 14.3% in the third quarter. Alps Advisors Inc. now owns 67,031,503 shares of the pipeline company’s stock valued at $1,026,923,000 after buying an additional 8,406,683 shares in the last quarter. UBS Group AG boosted its stake in shares of Plains All American Pipeline by 89.3% in the fourth quarter. UBS Group AG now owns 8,556,465 shares of the pipeline company’s stock valued at $129,630,000 after buying an additional 4,035,328 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Plains All American Pipeline by 11.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,772,559 shares of the pipeline company’s stock valued at $180,356,000 after buying an additional 1,197,006 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Plains All American Pipeline by 69.4% in the first quarter. BNP Paribas Financial Markets now owns 1,824,808 shares of the pipeline company’s stock valued at $32,044,000 after buying an additional 747,852 shares in the last quarter. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

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.