Plains All American Pipeline (NYSE:PAA) Reaches New 52-Week High – Here’s Why

Plains All American Pipeline, L.P. (NYSE:PAA) hit a new 52-week high on Friday . The company traded as high as $19.31 and last traded at $19.12, with a volume of 749332 shares trading hands. The stock had previously closed at $18.73.

Wall Street Analysts Forecast Growth

PAA has been the subject of several research analyst reports. Scotiabank restated a “sector outperform” rating and set a $23.00 target price on shares of Plains All American Pipeline in a research report on Friday. Morgan Stanley downgraded shares of 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 note on Friday, October 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a research report on Friday, November 15th. Bank of America started coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 price objective for the company. Finally, Wolfe Research raised Plains All American Pipeline from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.00.

Plains All American Pipeline Stock Performance

The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $13.36 billion, a price-to-earnings ratio of 16.95 and a beta of 1.64. The stock has a fifty day moving average price of $17.53 and a two-hundred day moving average price of $17.67.

Plains All American Pipeline (NYSE:PAA) last issued its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The business 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%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 earnings per share. As a group, analysts forecast that Plains All American Pipeline, L.P. will post 1.24 EPS for the current fiscal year.

Plains All American Pipeline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.01%. This is an increase from Plains All American Pipeline’s previous quarterly dividend of $0.32. Plains All American Pipeline’s dividend payout ratio is currently 113.39%.

Institutional Investors Weigh In On Plains All American Pipeline

A number of institutional investors have recently bought and sold shares of PAA. Wilmington Savings Fund Society FSB purchased a new position in Plains All American Pipeline in the third quarter valued at approximately $27,000. Future Financial Wealth Managment LLC purchased a new position in Plains All American Pipeline in the third quarter valued at about $28,000. Sunbelt Securities Inc. lifted its stake in shares of Plains All American Pipeline by 53.2% during the second quarter. Sunbelt Securities Inc. now owns 3,795 shares of the pipeline company’s stock worth $68,000 after purchasing an additional 1,318 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in shares of Plains All American Pipeline by 31.2% in the second quarter. Brown Brothers Harriman & Co. now owns 4,460 shares of the pipeline company’s stock valued at $80,000 after buying an additional 1,060 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Plains All American Pipeline by 16.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,094 shares of the pipeline company’s stock valued at $109,000 after buying an additional 856 shares during the period. 41.78% of the stock is currently owned by hedge funds and other institutional investors.

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.