Plains All American Pipeline (NASDAQ:PAA) Hits New 1-Year High – Here’s Why

Plains All American Pipeline Lp (NASDAQ:PAA) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $25.97 and last traded at $25.9730, with a volume of 2275311 shares trading hands. The stock had previously closed at $25.70.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PAA. Morgan Stanley upped their price objective on shares of Plains All American Pipeline from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 18th. Royal Bank Of Canada lifted their price objective on shares of Plains All American Pipeline from $23.00 to $26.00 and gave the company a “sector perform” rating in a report on Monday, August 17th. Zacks Research raised shares of Plains All American Pipeline from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. upped their target price on shares of Plains All American Pipeline from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Finally, UBS Group reaffirmed a “buy” rating on shares of Plains All American Pipeline in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $24.31.

Plains All American Pipeline Price Performance

The firm has a market cap of $18.17 billion, a P/E ratio of 7.13, a P/E/G ratio of 9.32 and a beta of 0.52. The company has a fifty day moving average of $24.20 and a 200-day moving average of $22.79. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.10.

Plains All American Pipeline (NASDAQ:PAA) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.09). The company had revenue of $17.69 billion for the quarter. Plains All American Pipeline had a net margin of 5.29% and a return on equity of 12.13%. The company’s quarterly revenue was up 66.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 EPS. On average, sell-side analysts anticipate that Plains All American Pipeline Lp will post 1.71 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date was Friday, July 31st. Plains All American Pipeline’s payout ratio is presently 46.26%.

Institutional Trading of Plains All American Pipeline

A number of institutional investors and hedge funds have recently modified their holdings of PAA. Tidal Investments LLC lifted its holdings in Plains All American Pipeline by 754.8% during the second quarter. Tidal Investments LLC now owns 87,636 shares of the company’s stock worth $1,951,000 after acquiring an additional 77,384 shares during the period. Integrated Wealth Concepts LLC increased its position in shares of Plains All American Pipeline by 7.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $307,000 after purchasing an additional 905 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Plains All American Pipeline by 15.2% during the 2nd quarter. NewEdge Advisors LLC now owns 139,680 shares of the company’s stock worth $3,109,000 after purchasing an additional 18,465 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Plains All American Pipeline by 0.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 60,291 shares of the company’s stock worth $1,342,000 after purchasing an additional 392 shares during the period. Finally, HB Wealth Management LLC boosted its holdings in shares of Plains All American Pipeline by 3.4% in the 2nd quarter. HB Wealth Management LLC now owns 15,988 shares of the company’s stock worth $356,000 after buying an additional 525 shares during the last quarter. 41.78% of the stock is owned by hedge funds and other institutional investors.

About Plains All American Pipeline

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides transportation, storage, gathering, logistics and related services for crude oil and natural gas liquids (NGLs). The company generally does not produce oil or gas; instead, it helps move and manage hydrocarbons from producing regions to refineries, processing facilities, export terminals and other end markets.

Plains operates an extensive network of pipelines, gathering systems, storage facilities, rail and truck transportation assets, and terminals.