Scotiabank Issues Pessimistic Forecast for Plains All American Pipeline (NYSE:PAA) Stock Price

Plains All American Pipeline (NYSE:PAA) had its price target dropped by Scotiabank from $21.00 to $20.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price objective suggests a potential upside of 13.77% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company cut Plains All American Pipeline from an “overweight” rating to an “equal weight” rating in a research report on Friday. Raymond James restated a “strong-buy” rating on shares of Plains All American Pipeline in a report on Friday. UBS Group restated a “buy” rating on shares of Plains All American Pipeline in a report on Friday. Morgan Stanley restated an “equal weight” rating and issued a $23.00 target price on shares of Plains All American Pipeline in a report on Friday. Finally, Barclays restated an “underweight” rating and issued a $18.00 target price on shares of Plains All American Pipeline in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.40.

Plains All American Pipeline Trading Up 2.6%

NYSE PAA opened at $17.58 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 52 week low of $15.58 and a 52 week high of $21.00. The stock has a market capitalization of $12.37 billion, a PE ratio of 24.08 and a beta of 0.70. The firm has a 50 day moving average of $18.25 and a two-hundred day moving average of $18.43.

Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.06). Plains All American Pipeline had a return on equity of 11.69% and a net margin of 1.54%. During the same quarter last year, the firm posted $0.41 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, research analysts expect that Plains All American Pipeline will post 1.52 EPS for the current fiscal year.

Institutional Trading of Plains All American Pipeline

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in Plains All American Pipeline by 6.4% during the 1st quarter. Invesco Ltd. now owns 29,599,382 shares of the pipeline company’s stock worth $591,988,000 after acquiring an additional 1,771,452 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Plains All American Pipeline by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 21,144,687 shares of the pipeline company’s stock worth $422,894,000 after acquiring an additional 1,524,185 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Plains All American Pipeline by 8.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,297,594 shares of the pipeline company’s stock worth $261,283,000 after acquiring an additional 1,211,286 shares during the period. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Plains All American Pipeline by 0.6% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 13,321,966 shares of the pipeline company’s stock worth $227,539,000 after acquiring an additional 75,509 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Plains All American Pipeline by 8.7% in the 4th quarter. JPMorgan Chase & Co. now owns 7,851,712 shares of the pipeline company’s stock worth $134,107,000 after acquiring an additional 630,141 shares during the period. 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.