Plains All American Pipeline (NYSE:PAA) Rating Lowered to Equal Weight at Wells Fargo & Company

Wells Fargo & Company lowered shares of Plains All American Pipeline (NYSE:PAA) from an overweight rating to an equal weight rating in a research report released on Wednesday morning, MarketBeat Ratings reports. They currently have $20.00 price objective on the pipeline company’s stock, down from their prior price objective of $22.00.

A number of other analysts also recently commented on the company. Morgan Stanley downgraded Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Bank of America started coverage on Plains All American Pipeline in a report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Plains All American Pipeline currently has an average rating of “Hold” and a consensus price target of $19.82.

Plains All American Pipeline Stock Down 0.9 %

NYSE PAA traded down $0.16 during trading on Wednesday, reaching $16.81. 1,587,813 shares of the company’s stock were exchanged, compared to its average volume of 2,825,972. The company has a 50 day moving average price of $17.47 and a two-hundred day moving average price of $17.62. The stock has a market cap of $11.83 billion, a P/E ratio of 15.01 and a beta of 1.64. Plains All American Pipeline has a 1 year low of $15.02 and a 1 year high of $19.17. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.01.

Plains All American Pipeline (NYSE:PAA) last released its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.31 by $0.06. The firm had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.09 billion. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. Plains All American Pipeline’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 EPS. On average, equities research analysts anticipate that Plains All American Pipeline will post 1.24 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.3175 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.27 annualized dividend and a yield of 7.56%. Plains All American Pipeline’s dividend payout ratio is currently 113.39%.

Hedge Funds Weigh In On Plains All American Pipeline

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Syntax Research Inc. acquired a new position in shares of Plains All American Pipeline in the third quarter worth about $1,742,000. Tidal Investments LLC raised its holdings in shares of Plains All American Pipeline by 6.0% during the third quarter. Tidal Investments LLC now owns 24,815 shares of the pipeline company’s stock worth $431,000 after purchasing an additional 1,400 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Plains All American Pipeline in the third quarter worth about $27,000. Sanctuary Advisors LLC boosted its position in Plains All American Pipeline by 15.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 55,494 shares of the pipeline company’s stock valued at $996,000 after purchasing an additional 7,265 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Plains All American Pipeline by 0.3% during the third quarter. Geode Capital Management LLC now owns 595,776 shares of the pipeline company’s stock valued at $10,349,000 after acquiring an additional 1,989 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

Plains All American Pipeline Company Profile

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.