Raymond James Forecasts Strong Price Appreciation for Plains All American Pipeline (NYSE:PAA) Stock

Plains All American Pipeline (NYSE:PAA) had its price objective lifted by investment analysts at Raymond James from $23.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the pipeline company’s stock. Raymond James’ price objective points to a potential upside of 18.03% from the stock’s current price.

A number of other equities research analysts have also issued reports on PAA. Barclays increased their price target on Plains All American Pipeline from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. 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 objective on the stock. Wells Fargo & Company downgraded Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Wolfe Research upgraded Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Friday, January 10th. Finally, Scotiabank reiterated a “sector outperform” rating and issued a $23.00 price objective on shares of Plains All American Pipeline in a report on Friday, January 10th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.21.

Plains All American Pipeline Trading Up 0.8 %

NYSE:PAA traded up $0.16 during trading hours on Tuesday, hitting $20.33. The company had a trading volume of 1,328,648 shares, compared to its average volume of 4,117,991. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average of $18.15 and a 200 day moving average of $17.79. The company has a market cap of $14.31 billion, a P/E ratio of 18.19 and a beta of 1.64. Plains All American Pipeline has a 1 year low of $15.02 and a 1 year high of $21.00.

Plains All American Pipeline (NYSE:PAA) last posted 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 return on equity of 11.63% and a net margin of 2.08%. The firm had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.09 billion. During the same quarter in the prior year, the company earned $0.35 EPS. Plains All American Pipeline’s revenue was up 5.6% on a year-over-year basis. Sell-side analysts expect that Plains All American Pipeline will post 1.17 earnings per share for the current year.

Institutional Trading of Plains All American Pipeline

Several hedge funds have recently modified their holdings of the business. Stifel Financial Corp raised its holdings in Plains All American Pipeline by 30.6% during the third quarter. Stifel Financial Corp now owns 230,729 shares of the pipeline company’s stock worth $4,008,000 after purchasing an additional 54,111 shares during the last quarter. FMR LLC raised its holdings in Plains All American Pipeline by 91.1% during the third quarter. FMR LLC now owns 600,282 shares of the pipeline company’s stock worth $10,427,000 after purchasing an additional 286,222 shares during the last quarter. Syntax Research Inc. acquired a new position in Plains All American Pipeline during the third quarter worth $1,742,000. International Assets Investment Management LLC raised its holdings in Plains All American Pipeline by 1,006.4% during the third quarter. International Assets Investment Management LLC now owns 67,038 shares of the pipeline company’s stock worth $1,164,000 after purchasing an additional 60,979 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Plains All American Pipeline by 58.9% during the third quarter. JPMorgan Chase & Co. now owns 7,221,571 shares of the pipeline company’s stock worth $125,439,000 after purchasing an additional 2,677,951 shares during the last quarter. 41.78% of the stock is owned by institutional investors and hedge funds.

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.