JPMorgan Chase & Co. Downgrades Plains All American Pipeline (NYSE:PAA) to Neutral

JPMorgan Chase & Co. downgraded shares of Plains All American Pipeline (NYSE:PAAGet Rating) from an overweight rating to a neutral rating in a research report sent to investors on Monday, The Fly reports. JPMorgan Chase & Co. currently has $14.00 price target on the pipeline company’s stock, down from their prior price target of $15.00.

Several other research firms also recently commented on PAA. Morgan Stanley lifted their price objective on shares of Plains All American Pipeline from $15.00 to $16.00 and gave the stock an overweight rating in a research note on Wednesday, October 19th. Stifel Nicolaus upgraded shares of Plains All American Pipeline from a hold rating to a buy rating and lifted their price objective for the stock from $14.00 to $16.00 in a research note on Sunday, August 14th. Wolfe Research downgraded shares of Plains All American Pipeline from an outperform rating to a peer perform rating in a research note on Monday, August 1st. Wells Fargo & Company lowered their price objective on shares of Plains All American Pipeline from $16.00 to $15.00 and set an overweight rating for the company in a research note on Friday, November 4th. Finally, TD Securities lifted their price objective on shares of Plains All American Pipeline from $14.50 to $15.00 and gave the stock a buy rating in a research note on Thursday, November 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $14.50.

Plains All American Pipeline Price Performance

Shares of PAA opened at $12.15 on Monday. The company has a market cap of $8.48 billion, a price-to-earnings ratio of 8.38 and a beta of 1.71. Plains All American Pipeline has a twelve month low of $8.64 and a twelve month high of $12.75. The company has a quick ratio of 0.93, a current ratio of 1.05 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average of $11.68 and a two-hundred day moving average of $11.22.

Plains All American Pipeline (NYSE:PAAGet Rating) last announced its earnings results on Wednesday, November 2nd. The pipeline company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.06. Plains All American Pipeline had a net margin of 2.05% and a return on equity of 9.41%. The company had revenue of $14.34 billion during the quarter, compared to the consensus estimate of $16.50 billion. During the same period last year, the firm earned $0.22 earnings per share. Plains All American Pipeline’s revenue was up 33.0% compared to the same quarter last year. As a group, analysts predict that Plains All American Pipeline will post 1.21 earnings per share for the current fiscal year.

Plains All American Pipeline Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a $0.2175 dividend. The ex-dividend date was Friday, October 28th. This represents a $0.87 dividend on an annualized basis and a yield of 7.16%. Plains All American Pipeline’s payout ratio is 60.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group purchased a new position in Plains All American Pipeline in the first quarter valued at $49,000. Interactive Financial Advisors purchased a new position in Plains All American Pipeline in the first quarter valued at $50,000. Newbridge Financial Services Group Inc. increased its holdings in Plains All American Pipeline by 430.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 5,300 shares of the pipeline company’s stock valued at $56,000 after buying an additional 4,300 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Plains All American Pipeline by 46.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 9,260 shares of the pipeline company’s stock valued at $100,000 after buying an additional 2,940 shares in the last quarter. Finally, Optimum Investment Advisors purchased a new position in Plains All American Pipeline in the second quarter valued at $98,000. Hedge funds and other institutional investors own 41.52% of the company’s stock.

About Plains All American Pipeline

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Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars.

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