The Plains All American Pipeline L.P. (PAA) Stock Rating Upgraded by Wells Fargo & Co.

The Plains All American Pipeline L.P. (PAA) Stock Rating Upgraded by Wells Fargo & Co.

Plains All American Pipeline L.P. (NYSE:PAA) was upgraded by equities research analysts at Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday.

Several other analysts have also recently weighed in on PAA. Royal Bank Of Canada raised their price target on Plains All American Pipeline L.P. from $22.00 to $29.00 and gave the company a “sector perform” rating in a report on Wednesday, August 17th. Credit Suisse Group AG reiterated a “neutral” rating and set a $32.00 price objective (up from $26.00) on shares of Plains All American Pipeline L.P. in a research report on Friday, July 15th. SunTrust Banks Inc. assumed coverage on Plains All American Pipeline L.P. in a research report on Tuesday, June 14th. They set a “neutral” rating and a $30.00 price objective on the stock. Zacks Investment Research upgraded Plains All American Pipeline L.P. from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Tuesday, July 5th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Plains All American Pipeline L.P. in a research report on Friday, August 26th. Twenty-five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $28.51.

Shares of Plains All American Pipeline L.P. (NYSE:PAA) traded down 0.95% during trading on Wednesday, reaching $31.13. The company’s stock had a trading volume of 2,226,643 shares. Plains All American Pipeline L.P. has a 52-week low of $14.82 and a 52-week high of $33.89. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of 89.20 and a beta of 0.91. The stock’s 50 day moving average price is $29.14 and its 200-day moving average price is $26.33.

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Plains All American Pipeline L.P. (NYSE:PAA) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Plains All American Pipeline L.P. had a return on equity of 10.88% and a net margin of 3.30%. The firm had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter last year, the firm posted $0.27 EPS. The company’s revenue was down 25.7% compared to the same quarter last year. Equities analysts anticipate that Plains All American Pipeline L.P. will post $1.03 EPS for the current year.

In other Plains All American Pipeline L.P. news, CEO W David Duckett sold 17,333 shares of Plains All American Pipeline L.P. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $29.76, for a total transaction of $515,830.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Vonberg sold 35,410 shares of Plains All American Pipeline L.P. stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $29.95, for a total value of $1,060,529.50. Following the transaction, the executive vice president now owns 122,359 shares of the company’s stock, valued at approximately $3,664,652.05. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. boosted its position in shares of Plains All American Pipeline L.P. by 62,110.3% in the first quarter. Bessemer Group Inc. now owns 1,045,133 shares of the company’s stock worth $21,916,000 after buying an additional 1,043,453 shares during the last quarter. LVW Advisors LLC raised its stake in Plains All American Pipeline L.P. by 99.6% in the first quarter. LVW Advisors LLC now owns 99,253 shares of the company’s stock worth $2,081,000 after buying an additional 49,515 shares during the last quarter. ING Groep NV raised its stake in Plains All American Pipeline L.P. by 151.0% in the first quarter. ING Groep NV now owns 6,804,128 shares of the company’s stock worth $142,410,000 after buying an additional 4,093,128 shares during the last quarter. BB&T Securities LLC raised its stake in Plains All American Pipeline L.P. by 33.9% in the first quarter. BB&T Securities LLC now owns 14,553 shares of the company’s stock worth $305,000 after buying an additional 3,681 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its stake in Plains All American Pipeline L.P. by 19.0% in the first quarter. Rafferty Asset Management LLC now owns 88,326 shares of the company’s stock worth $1,852,000 after buying an additional 14,084 shares during the last quarter. Institutional investors and hedge funds own 66.00% of the company’s stock.

About Plains All American Pipeline L.P.

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