Plains All American Pipeline (NYSE:PAA) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Plains All American Pipeline (NYSE:PAA) from a neutral rating to an underperform rating in a research note released on Wednesday, Marketbeat reports. The firm currently has $19.00 price objective on the pipeline company’s stock.

A number of other equities research analysts also recently commented on PAA. Barclays decreased their target price on Plains All American Pipeline from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Morgan Stanley upped their price objective on Plains All American Pipeline from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. Scotiabank reissued an “outperform” rating on shares of Plains All American Pipeline in a report on Friday, January 16th. Raymond James Financial restated a “strong-buy” rating and issued a $22.00 price target (down previously from $24.00) on shares of Plains All American Pipeline in a research report on Friday, October 24th. Finally, Mizuho set a $23.00 price target on shares of Plains All American Pipeline in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Plains All American Pipeline has a consensus rating of “Hold” and an average target price of $20.40.

Plains All American Pipeline Price Performance

PAA stock opened at $19.24 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01. The company’s fifty day moving average price is $18.19 and its 200-day moving average price is $17.61. Plains All American Pipeline has a one year low of $15.57 and a one year high of $20.77. The company has a market capitalization of $13.57 billion, a PE ratio of 26.36 and a beta of 0.59.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Plains All American Pipeline had a net margin of 1.54% and a return on equity of 11.69%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 earnings per share. On average, equities analysts anticipate that Plains All American Pipeline will post 1.52 EPS for the current fiscal year.

Plains All American Pipeline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 8.7%. This is a positive change from Plains All American Pipeline’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, January 30th. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 138.02%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of large investors have recently made changes to their positions in PAA. NewEdge Advisors LLC purchased a new stake in Plains All American Pipeline in the 1st quarter worth about $260,000. Janney Montgomery Scott LLC grew its stake in shares of Plains All American Pipeline by 3.3% during the second quarter. Janney Montgomery Scott LLC now owns 105,263 shares of the pipeline company’s stock valued at $1,928,000 after buying an additional 3,400 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Plains All American Pipeline by 5.2% during the second quarter. HB Wealth Management LLC now owns 15,247 shares of the pipeline company’s stock valued at $279,000 after buying an additional 748 shares during the last quarter. PFG Investments LLC raised its holdings in shares of Plains All American Pipeline by 24.5% in the second quarter. PFG Investments LLC now owns 67,997 shares of the pipeline company’s stock worth $1,246,000 after buying an additional 13,373 shares during the period. Finally, Naples Global Advisors LLC lifted its stake in shares of Plains All American Pipeline by 15.7% during the 2nd quarter. Naples Global Advisors LLC now owns 12,900 shares of the pipeline company’s stock worth $236,000 after acquiring an additional 1,750 shares during the last quarter. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P. (NYSE: PAA) is a prominent North American midstream energy company that specializes in the transportation, storage and marketing of crude oil, natural gas liquids (NGLs) and refined products. The partnership’s integrated infrastructure network supports the movement of hydrocarbons from major supply basins to domestic and export markets, providing connectivity between production areas, refineries and marine terminals. Plains All American’s services include long-haul and short-haul pipeline systems, inventory services and fee-based storage contracts, helping producers and refiners optimize supply chains and manage market access.

The company operates an extensive onshore pipeline network that spans major U.S.