The Plains All American Pipeline L.P. (PAA) Upgraded by Morgan Stanley to Overweight

The Plains All American Pipeline L.P. (PAA) Upgraded by Morgan Stanley to Overweight

Morgan Stanley upgraded shares of Plains All American Pipeline L.P. (NYSE:PAA) from an equal weight rating to an overweight rating in a report released on Tuesday morning. They currently have $37.00 price objective on the stock, up from their prior price objective of $33.00.

Other equities research analysts have also recently issued research reports about the company. Goldman Sachs Group Inc. upgraded Plains All American Pipeline L.P. from a sell rating to a neutral rating and increased their target price for the company from $21.00 to $26.00 in a report on Wednesday, August 3rd. SunTrust Banks Inc. assumed coverage on Plains All American Pipeline L.P. in a report on Tuesday, June 14th. They set a neutral rating and a $30.00 target price on the stock. FBR & Co assumed coverage on Plains All American Pipeline L.P. in a report on Friday, September 9th. They set a market perform rating and a $30.00 target price on the stock. Zacks Investment Research cut Plains All American Pipeline L.P. from a buy rating to a hold rating in a report on Monday, July 18th. Finally, RBC Capital Markets reiterated a sector perform rating and set a $29.00 target price (up previously from $22.00) on shares of Plains All American Pipeline L.P. in a report on Wednesday, August 17th. Twenty-five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Plains All American Pipeline L.P. has an average rating of Hold and a consensus price target of $28.51.

Shares of Plains All American Pipeline L.P. (NYSE:PAA) traded up 3.20% during midday trading on Tuesday, hitting $31.64. The stock had a trading volume of 478,982 shares. The stock has a 50-day moving average price of $28.99 and a 200-day moving average price of $26.20. The stock has a market cap of $12.58 billion, a P/E ratio of 90.66 and a beta of 0.91. Plains All American Pipeline L.P. has a 12-month low of $14.82 and a 12-month high of $34.73.

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

In other Plains All American Pipeline L.P. news, EVP John Vonberg sold 35,410 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $29.95, for a total transaction of $1,060,529.50. Following the completion of the transaction, the executive vice president now owns 122,359 shares of the company’s stock, valued at approximately $3,664,652.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO W David Duckett sold 17,333 shares of the business’s 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 disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAA. Harvest Fund Advisors LLC raised its position in Plains All American Pipeline L.P. by 6.2% in the second quarter. Harvest Fund Advisors LLC now owns 15,542,217 shares of the company’s stock worth $427,256,000 after buying an additional 901,200 shares in the last quarter. Center Coast Capital Advisors LP raised its position in Plains All American Pipeline L.P. by 2.5% in the second quarter. Center Coast Capital Advisors LP now owns 10,333,567 shares of the company’s stock worth $284,070,000 after buying an additional 250,733 shares in the last quarter. Energy Income Partners LLC raised its position in Plains All American Pipeline L.P. by 15.4% in the first quarter. Energy Income Partners LLC now owns 8,125,589 shares of the company’s stock worth $170,393,000 after buying an additional 1,086,090 shares in the last quarter. ING Groep NV raised its position 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 in the last quarter. Finally, Chickasaw Capital Management LLC raised its position in Plains All American Pipeline L.P. by 20.1% in the second quarter. Chickasaw Capital Management LLC now owns 5,997,981 shares of the company’s stock worth $164,884,000 after buying an additional 1,005,529 shares in the last quarter. 66.00% of the stock is owned by hedge funds and other institutional investors.

About Plains All American Pipeline L.P.

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