Monday, 04 January, 2016

Analyst Price Target on Plains All American Pipeline, L.P. (NYSE:PAA)

Dillon Hess | 01 January, 2016, 18:38

The institutional investor owned 101,130 shares of the company's stock at the end of the third quarter. Plains GP Holdings, L.P. has dropped 43.17% during the last 3-month period. In November 2013, Magellan Midstream Partners, L.P. acquired Rocky Mountain pipeline assets from Plains. The 52-week low of the share price is $7.18. They now have a "buy" rating on the stock. Jennison Associates now owns 182,001 shares of the company's stock worth $5,529,000 after buying an additional 145,008 shares during the last quarter. The firm seeing the most upside to the stock has a target of 62, while the most conservative price target sees the stock reaching $22. (NYSE:PAA) opened at 23.65 on Tuesday. The company's 50 day moving average price is $10.12 and its 200-day moving average price is $17.97. The firm has a market cap of $9.15 billion and a P/E ratio of 19.35.

Plains GP Holdings, L.P. (NASDAQ:PAGP), owns an interest in the general partner and incentive distribution rights of Plains All American Pipeline, L.P (PAA). The company reported $0.28 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.24 by $0.04. During the same quarter in the previous year, the business posted $0.53 EPS. The business's revenue for the quarter was down 50.1% on a year-over-year basis.

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) rose by 21.98% in the past week and 1.59% for the last 4 weeks. Previously, the analysts had a Accumulate rating on the shares. Credit Suisse cut their target price on Plains All American Pipeline, L.P. from $38.00 to $33.00 in a research report on Monday, December 21st. Evercore ISI initiated coverage on Plains All American Pipeline, a research report on Wednesday, September 16th. Vetr lowered Plains All American Pipeline, L.P. from a "buy" rating to a "hold" rating and set a $33.26 target price on the stock in a research report on Tuesday, November 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company's stock. The stock presently has an average rating of "Hold" and an average price target of $36.08. The days to cover are 1, given the average daily volume of 7,038,210 shares. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

In related news, major shareholder W David Duckett sold 30,500 shares of the company's stock in a transaction dated Tuesday, November 17th. The 1-week percentage change for the stock price is registered at -6.67%. A block transaction occurred with $0.85 million in upticks and $0 million in downticks while the up/down ratio was calculated to be 0. Following the transaction, the chief executive officer now directly owns 200,000 shares in the company, valued at $2,218,000. The disclosure for this purchase can be found here.

Plains All American Pipeline, L.P. (Plains) is engaged in the transportation, storage, terminalling, and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage, and marketing of natural gas liquids (NGL).