Plains All American Pipeline’s (PAA) Sector Perform Rating Reiterated at Royal Bank of Canada

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

PAA has been the topic of a number of other reports. Bank of America assumed coverage on Plains All American Pipeline in a research note on Thursday, October 17th. They set a “neutral” rating and a $18.00 price target on the stock. Morgan Stanley downgraded shares of Plains All American Pipeline from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.82.

Plains All American Pipeline Price Performance

PAA stock opened at $17.47 on Friday. The stock has a market cap of $12.25 billion, a price-to-earnings ratio of 15.60 and a beta of 1.61. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 0.90. The company has a 50 day simple moving average of $17.34 and a 200 day simple moving average of $17.53. Plains All American Pipeline has a 1 year low of $14.46 and a 1 year high of $19.17.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings results on Friday, November 8th. The pipeline company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $12.74 billion during the quarter, compared to analysts’ expectations of $13.09 billion. Plains All American Pipeline had a return on equity of 11.63% and a net margin of 2.08%. Plains All American Pipeline’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. Research analysts anticipate that Plains All American Pipeline will post 1.29 EPS for the current fiscal year.

Plains All American Pipeline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.27%. The ex-dividend date was Thursday, October 31st. Plains All American Pipeline’s dividend payout ratio is currently 113.39%.

Hedge Funds Weigh In On Plains All American Pipeline

A number of hedge funds have recently bought and sold shares of PAA. Blackstone Inc. boosted its position 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 valued at $413,345,000 after acquiring an additional 318,944 shares during the last quarter. Tortoise Capital Advisors L.L.C. boosted its position in shares of Plains All American Pipeline by 0.3% during 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 purchasing an additional 57,289 shares in the last quarter. Chickasaw Capital Management LLC grew its stake in Plains All American Pipeline by 1.0% during the third quarter. Chickasaw Capital Management LLC now owns 4,140,089 shares of the pipeline company’s stock worth $71,913,000 after purchasing an additional 42,383 shares during the period. Citigroup Inc. grew its position in shares of Plains All American Pipeline by 48.9% during the 3rd 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 stake in shares of Plains All American Pipeline by 2.0% in the 2nd 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 in the last quarter. Institutional investors 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.