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

Plains All American Pipeline Lp (NASDAQ:PAA)’s share price hit a new 52-week high on Thursday. The company traded as high as $26.98 and last traded at $26.87, with a volume of 141,294 shares changing hands. The stock had previously closed at $26.60.

Wall Street Analysts Forecast Growth

PAA has been the topic of a number of recent research reports. Raymond James Financial reiterated a “strong-buy” rating and issued a $28.00 price objective on shares of Plains All American Pipeline in a research report on Monday, October 19th. Barclays upped their price target on Plains All American Pipeline from $23.00 to $24.00 and gave the company an “underweight” rating in a research note on Monday, September 21st. Mizuho raised their price target on Plains All American Pipeline from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Monday, September 21st. JPMorgan Chase & Co. boosted their price objective on 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, Citigroup upped their target price on shares of Plains All American Pipeline from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.07.

Plains All American Pipeline Price Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.10 and a current ratio of 1.12. The firm has a market capitalization of $18.91 billion, a P/E ratio of 7.42, a price-to-earnings-growth ratio of 9.43 and a beta of 0.57. The company has a 50-day moving average price of $25.13 and a 200-day moving average price of $22.72.

Plains All American Pipeline (NASDAQ:PAA) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.09). The company had revenue of $17.69 billion for the quarter. Plains All American Pipeline had a return on equity of 12.13% and a net margin of 5.29%. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 earnings per share. On average, sell-side analysts predict that Plains All American Pipeline Lp will post 1.73 earnings per share for the current year.

Plains All American Pipeline Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Friday, October 30th. Plains All American Pipeline’s payout ratio is presently 46.26%.

Institutional Trading of Plains All American Pipeline

Institutional investors and hedge funds have recently modified their holdings of the stock. BROOKFIELD Corp ON boosted its stake in Plains All American Pipeline by 428.2% during the 1st quarter. BROOKFIELD Corp ON now owns 3,691,435 shares of the company’s stock worth $82,430,000 after acquiring an additional 2,992,549 shares during the last quarter. Infrastructure Capital Advisors LLC grew its holdings 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 valued at $69,000,000 after purchasing an additional 130,164 shares during the period. Bollard Group LLC increased its stake in Plains All American Pipeline by 7.7% in the first quarter. Bollard Group LLC now owns 1,215,856 shares of the company’s stock valued at $27,150,000 after purchasing an additional 86,602 shares in the last quarter. NEOS Investment Management LLC increased its stake in Plains All American Pipeline by 34.6% in the second quarter. NEOS Investment Management LLC now owns 774,913 shares of the company’s stock valued at $17,250,000 after purchasing an additional 199,296 shares in the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in shares of Plains All American Pipeline during the first quarter worth $16,819,000. 41.78% of the stock is owned by institutional investors.

About Plains All American Pipeline

Plains All American Pipeline, L.P. is a midstream energy infrastructure company that provides logistics services for crude oil and natural gas liquids (NGLs). Rather than primarily exploring for or producing hydrocarbons, the company operates assets that help gather, transport, store and deliver energy commodities from production areas to refineries, processing facilities and other markets.

The company’s operations include pipeline transportation systems, gathering networks, storage facilities, rail and truck transportation, and terminal and export infrastructure.