Plains All American Pipeline (NYSE:PAA) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Plains All American Pipeline (NYSE:PAA) in a research report report published on Friday morning,Benzinga reports. They currently have a $19.00 target price on the pipeline company’s stock.

A number of other research analysts also recently issued reports on PAA. 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. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $22.00 to $19.00 in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.82.

Plains All American Pipeline Stock Performance

PAA opened at $17.18 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 12-month low of $14.46 and a 12-month high of $19.17. The firm has a 50 day moving average of $17.34 and a two-hundred day moving average of $17.53. The firm has a market capitalization of $12.04 billion, a PE ratio of 15.34 and a beta of 1.61.

Plains All American Pipeline (NYSE:PAA) last issued its earnings results on Friday, November 8th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.06. Plains All American Pipeline had a net margin of 2.08% and a return on equity of 11.63%. The firm had revenue of $12.74 billion during the quarter, compared to analysts’ expectations of $13.09 billion. During the same quarter last year, the company posted $0.35 earnings per share. The firm’s revenue was up 5.6% compared to the same quarter last year. On average, analysts anticipate that Plains All American Pipeline will post 1.29 EPS for the current year.

Plains All American Pipeline Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.3175 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.27 annualized dividend and a dividend yield of 7.39%. Plains All American Pipeline’s dividend payout ratio (DPR) is presently 113.39%.

Institutional Investors Weigh In On Plains All American Pipeline

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blackstone Inc. boosted its stake in Plains All American Pipeline by 1.4% during the first quarter. Blackstone Inc. now owns 23,539,035 shares of the pipeline company’s stock worth $413,345,000 after buying an additional 318,944 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in Plains All American Pipeline by 0.3% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 18,854,069 shares of the pipeline company’s stock valued at $336,734,000 after buying an additional 57,289 shares during the period. Chickasaw Capital Management LLC lifted its position in Plains All American Pipeline by 1.0% in the third quarter. Chickasaw Capital Management LLC now owns 4,140,089 shares of the pipeline company’s stock valued at $71,913,000 after buying an additional 42,383 shares during the last quarter. Citigroup Inc. boosted its stake in Plains All American Pipeline by 48.9% during the third quarter. Citigroup Inc. now owns 3,428,897 shares of the pipeline company’s stock worth $59,560,000 after buying an additional 1,125,386 shares during the period. Finally, Miller Howard Investments Inc. NY increased its position in shares of Plains All American Pipeline by 2.0% during the second quarter. Miller Howard Investments Inc. NY now owns 2,548,723 shares of the pipeline company’s stock valued at $45,520,000 after acquiring an additional 48,799 shares during the last quarter. Institutional investors and hedge funds own 41.78% of the company’s stock.

About Plains All American Pipeline

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.