Plains All American Pipeline (NYSE:PAA) Now Covered by Piper Jaffray Companies

Stock analysts at Piper Jaffray Companies assumed coverage on shares of Plains All American Pipeline (NYSE:PAA) in a note issued to investors on Wednesday, Marketbeat reports. The firm set an “overweight” rating and a $31.00 price target on the pipeline company’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 26.48% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Plains All American Pipeline’s Q2 2019 earnings at $0.40 EPS, Q3 2019 earnings at $0.49 EPS, Q4 2019 earnings at $0.56 EPS, FY2019 earnings at $2.13 EPS, Q1 2020 earnings at $0.50 EPS, Q2 2020 earnings at $0.50 EPS, Q3 2020 earnings at $0.52 EPS, Q4 2020 earnings at $0.51 EPS, FY2020 earnings at $2.03 EPS and FY2021 earnings at $2.11 EPS.

Several other analysts also recently issued reports on PAA. Wolfe Research downgraded shares of Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 price target on the stock. in a report on Thursday, June 13th. Royal Bank of Canada reaffirmed an “equal weight” rating on shares of Lululemon Athletica in a report on Friday, June 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.73.

Shares of NYSE PAA opened at $24.51 on Wednesday. Plains All American Pipeline has a 12-month low of $19.33 and a 12-month high of $27.70. The stock has a market capitalization of $17.86 billion, a P/E ratio of 13.04 and a beta of 1.00. The company has a quick ratio of 0.90, a current ratio of 1.02 and a debt-to-equity ratio of 0.91. The firm has a 50-day simple moving average of $23.95.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings results on Tuesday, May 7th. The pipeline company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. Plains All American Pipeline had a net margin of 8.51% and a return on equity of 20.70%. The company had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the prior year, the firm earned $0.61 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. As a group, equities research analysts expect that Plains All American Pipeline will post 2.11 earnings per share for the current fiscal year.

In related news, insider Emg Investment, Llc sold 8,179,284 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $23.10, for a total transaction of $188,941,460.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fort Sheridan Advisors LLC lifted its stake in shares of Plains All American Pipeline by 0.8% during the first quarter. Fort Sheridan Advisors LLC now owns 60,505 shares of the pipeline company’s stock valued at $1,483,000 after buying an additional 500 shares during the period. Avestar Capital LLC lifted its stake in shares of Plains All American Pipeline by 12.0% during the first quarter. Avestar Capital LLC now owns 6,148 shares of the pipeline company’s stock valued at $149,000 after buying an additional 659 shares during the period. Moors & Cabot Inc. lifted its stake in shares of Plains All American Pipeline by 1.0% during the second quarter. Moors & Cabot Inc. now owns 65,912 shares of the pipeline company’s stock valued at $1,607,000 after buying an additional 674 shares during the period. Belpointe Asset Management LLC lifted its stake in shares of Plains All American Pipeline by 3.6% during the first quarter. Belpointe Asset Management LLC now owns 20,778 shares of the pipeline company’s stock valued at $510,000 after buying an additional 730 shares during the period. Finally, Enterprise Financial Services Corp lifted its stake in shares of Plains All American Pipeline by 71.5% during the first quarter. Enterprise Financial Services Corp now owns 2,039 shares of the pipeline company’s stock valued at $50,000 after buying an additional 850 shares during the period. 48.43% of the stock is currently owned by institutional investors and hedge funds.

About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

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Analyst Recommendations for Plains All American Pipeline (NYSE:PAA)

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