Plains All American Pipeline (PAA) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Plains All American Pipeline (NYSE:PAA) released its quarterly earnings results on Tuesday. The pipeline company reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.06, Briefing.com reports. Plains All American Pipeline had a return on equity of 14.90% and a net margin of 3.92%. The company had revenue of $8.79 billion for the quarter, compared to analyst estimates of $7.82 billion. During the same quarter in the prior year, the firm posted $0.21 EPS. Plains All American Pipeline’s quarterly revenue was up 49.7% compared to the same quarter last year.

PAA stock opened at $23.65 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.63 and a current ratio of 0.75. Plains All American Pipeline has a twelve month low of $18.38 and a twelve month high of $27.70. The firm has a market capitalization of $17.20 billion, a price-to-earnings ratio of 25.16, a price-to-earnings-growth ratio of 1.82 and a beta of 0.91.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be paid a $0.30 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $1.20 dividend on an annualized basis and a yield of 5.07%. Plains All American Pipeline’s payout ratio is 127.66%.

PAA has been the topic of several recent research reports. Seaport Global Securities initiated coverage on Plains All American Pipeline in a report on Friday, July 27th. They set a “buy” rating and a $28.00 price target on the stock. Bank of America upgraded Plains All American Pipeline from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Wednesday, July 18th. BMO Capital Markets reiterated a “buy” rating and issued a $27.00 target price on shares of Plains All American Pipeline in a research note on Friday, July 13th. Zacks Investment Research upgraded Plains All American Pipeline from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Thursday, July 12th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $29.00 target price on shares of Plains All American Pipeline in a research note on Thursday, August 9th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $27.88.

In other news, VP Chris Herbold sold 10,591 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $26.35, for a total transaction of $279,072.85. Following the transaction, the vice president now owns 34,227 shares of the company’s stock, valued at approximately $901,881.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. grew its position in shares of Plains All American Pipeline by 7.0% during the 3rd quarter. Alps Advisors Inc. now owns 37,545,329 shares of the pipeline company’s stock worth $939,009,000 after buying an additional 2,450,636 shares in the last quarter. Tortoise Capital Advisors L.L.C. grew its position in shares of Plains All American Pipeline by 3.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 29,874,584 shares of the pipeline company’s stock worth $706,235,000 after buying an additional 1,079,489 shares in the last quarter. Bank of Montreal Can grew its position in shares of Plains All American Pipeline by 19.9% during the 2nd quarter. Bank of Montreal Can now owns 8,772,504 shares of the pipeline company’s stock worth $207,382,000 after buying an additional 1,453,763 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Plains All American Pipeline during the 2nd quarter worth $179,640,000. Finally, Chickasaw Capital Management LLC grew its position in shares of Plains All American Pipeline by 1.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 6,151,434 shares of the pipeline company’s stock worth $153,847,000 after buying an additional 113,603 shares in the last quarter. 45.90% of the stock is currently owned by institutional investors and hedge funds.

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About Plains All American Pipeline

Plains All American Pipeline, L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), and natural gas in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.

Further Reading: Understanding Analyst Ratings

Earnings History for Plains All American Pipeline (NYSE:PAA)

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