Plains All American Pipeline (NYSE:PAA) Downgraded by Morgan Stanley to Equal Weight

Plains All American Pipeline (NYSE:PAA) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report issued on Friday, Briefing.com reports. They currently have a $19.00 price objective on the pipeline company’s stock, down from their prior price objective of $22.00. Morgan Stanley’s price target suggests a potential upside of 11.11% from the company’s current price.

A number of other equities research analysts have also recently weighed in on PAA. UBS Group lifted their price objective on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Bank of America assumed coverage on shares of Plains All American Pipeline in a report on Thursday, October 17th. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $19.00 target price on shares of Plains All American Pipeline in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.82.

Plains All American Pipeline Price Performance

NYSE PAA opened at $17.10 on Friday. The company has a 50-day moving average price of $17.57 and a two-hundred day moving average price of $17.64. The stock has a market cap of $11.99 billion, a price-to-earnings ratio of 15.55 and a beta of 1.60. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.64. Plains All American Pipeline has a 52 week low of $14.46 and a 52 week high of $19.17.

Plains All American Pipeline (NYSE:PAA) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.31 EPS for the quarter, meeting the consensus estimate of $0.31. The firm had revenue of $12.93 billion for the quarter, compared to analysts’ expectations of $12.32 billion. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. During the same period last year, the firm earned $0.25 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. Analysts forecast that Plains All American Pipeline will post 1.31 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PAA. BNP Paribas Financial Markets lifted its position in shares of Plains All American Pipeline by 69.4% in the first quarter. BNP Paribas Financial Markets now owns 1,824,808 shares of the pipeline company’s stock worth $32,044,000 after purchasing an additional 747,852 shares in the last quarter. Sei Investments Co. acquired a new stake in Plains All American Pipeline during the first quarter valued at $2,608,000. FORVIS Wealth Advisors LLC purchased a new position in Plains All American Pipeline in the first quarter valued at about $3,227,000. Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Plains All American Pipeline during the 1st quarter worth about $1,944,000. Finally, Aviance Capital Partners LLC raised its stake in shares of Plains All American Pipeline by 3.1% during the 1st quarter. Aviance Capital Partners LLC now owns 149,671 shares of the pipeline company’s stock worth $2,628,000 after purchasing an additional 4,526 shares in the last quarter. 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.