Plains All American Pipeline (NYSE:PAA) Coverage Initiated at Scotiabank

Equities research analysts at Scotiabank started coverage on shares of Plains All American Pipeline (NYSE:PAA) in a report released on Tuesday, September 3rd, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $28.00 price target on the pipeline company’s stock. Scotiabank’s price objective indicates a potential upside of 34.23% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Piper Jaffray Companies assumed coverage on Plains All American Pipeline in a research note on Wednesday, July 17th. They issued an “overweight” rating and a $31.00 price target on the stock. Royal Bank of Canada decreased their price target on Plains All American Pipeline to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, June 14th. Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating in a research note on Thursday, June 13th. Stifel Nicolaus set a $25.00 price target on Plains All American Pipeline and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, ValuEngine cut Plains All American Pipeline from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $27.73.

NYSE:PAA traded down $0.21 during mid-day trading on Tuesday, reaching $20.86. The stock had a trading volume of 2,300,839 shares, compared to its average volume of 2,258,413. The firm has a 50 day moving average price of $21.54 and a two-hundred day moving average price of $23.43. The stock has a market capitalization of $15.27 billion, a P/E ratio of 11.10 and a beta of 1.02. Plains All American Pipeline has a one year low of $19.33 and a one year high of $26.14. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.87 and a current ratio of 1.00.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.23. The business had revenue of $8.25 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Plains All American Pipeline had a return on equity of 21.81% and a net margin of 9.48%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. Research analysts forecast that Plains All American Pipeline will post 2.25 earnings per share for the current year.

In other news, VP Chris Herbold sold 23,337 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.38, for a total transaction of $498,945.06. Following the transaction, the vice president now directly owns 79,564 shares of the company’s stock, valued at $1,701,078.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of PAA. Nuveen Asset Management LLC grew its stake in Plains All American Pipeline by 69,956.9% in the second quarter. Nuveen Asset Management LLC now owns 6,103,360 shares of the pipeline company’s stock worth $142,098,000 after purchasing an additional 6,094,648 shares during the period. Invesco Ltd. grew its stake in Plains All American Pipeline by 1,336.6% in the second quarter. Invesco Ltd. now owns 4,233,971 shares of the pipeline company’s stock worth $103,096,000 after purchasing an additional 3,939,254 shares during the period. Wells Fargo & Company MN grew its stake in Plains All American Pipeline by 119.1% in the second quarter. Wells Fargo & Company MN now owns 4,839,716 shares of the pipeline company’s stock worth $117,848,000 after purchasing an additional 2,631,293 shares during the period. Tortoise Capital Advisors L.L.C. grew its stake in Plains All American Pipeline by 5.3% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 39,904,482 shares of the pipeline company’s stock worth $971,674,000 after purchasing an additional 2,014,541 shares during the period. Finally, Chickasaw Capital Management LLC grew its stake in Plains All American Pipeline by 19.1% in the second quarter. Chickasaw Capital Management LLC now owns 9,784,469 shares of the pipeline company’s stock worth $238,252,000 after purchasing an additional 1,572,459 shares during the period. 50.45% of the stock is currently owned by institutional investors.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

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Analyst Recommendations for Plains All American Pipeline (NYSE:PAA)

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