Morgan Stanley Downgrades Plains All American Pipeline, L.P. (NYSE:PAA) to Equal Weight

Plains All American Pipeline, L.P. (NYSE:PAA) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, August 9th, Marketbeat reports. They currently have a $25.00 price objective on the pipeline company’s stock, down from their prior price objective of $32.00. Morgan Stanley’s target price indicates a potential upside of 31.51% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Scotia Howard Weill restated a “sector perform” rating on shares of Plains All American Pipeline, L.P. in a report on Tuesday, August 8th. Scotiabank cut Plains All American Pipeline, L.P. from an “outperform” rating to a “hold” rating and reduced their price target for the stock from $36.00 to $26.00 in a report on Tuesday, August 8th. Robert W. Baird cut Plains All American Pipeline, L.P. from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $36.00 to $24.00 in a report on Tuesday, August 8th. Stifel Nicolaus reduced their price target on Plains All American Pipeline, L.P. from $30.00 to $26.00 and set a “hold” rating for the company in a report on Tuesday, August 8th. Finally, Howard Weil cut Plains All American Pipeline, L.P. from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.82.

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) opened at 19.01 on Wednesday. The company’s 50 day moving average price is $24.71 and its 200 day moving average price is $28.14. The stock has a market capitalization of $13.78 billion, a P/E ratio of 14.67 and a beta of 0.95. Plains All American Pipeline, L.P. has a one year low of $18.82 and a one year high of $33.95.

Plains All American Pipeline, L.P. (NYSE:PAA) last announced its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by $0.05. The company had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $5.50 billion. Plains All American Pipeline, L.P. had a net margin of 4.42% and a return on equity of 10.14%. Plains All American Pipeline, L.P.’s revenue was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS. On average, equities analysts expect that Plains All American Pipeline, L.P. will post $1.50 earnings per share for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. WFG Advisors LP increased its position in shares of Plains All American Pipeline, L.P. by 24.9% in the second quarter. WFG Advisors LP now owns 66,841 shares of the pipeline company’s stock valued at $1,756,000 after buying an additional 13,304 shares during the period. Toronto Dominion Bank boosted its stake in shares of Plains All American Pipeline, L.P. by 6.7% in the second quarter. Toronto Dominion Bank now owns 306,235 shares of the pipeline company’s stock valued at $8,043,000 after buying an additional 19,100 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Plains All American Pipeline, L.P. during the second quarter valued at $693,000. Advisory Services Network LLC boosted its stake in shares of Plains All American Pipeline, L.P. by 5.1% in the second quarter. Advisory Services Network LLC now owns 4,624 shares of the pipeline company’s stock valued at $121,000 after buying an additional 223 shares in the last quarter. Finally, BB&T Investment Services Inc. acquired a new stake in shares of Plains All American Pipeline, L.P. during the second quarter valued at $108,000. Institutional investors own 43.94% of the company’s stock.

Plains All American Pipeline, L.P. Company Profile

Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Company’s transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges.

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