Fintel reports that on August 8, 2023, RBC Capital maintained coverage of Plains All American Pipeline LP - Unit (NASDAQ:PAA) with a Sector Perform recommendation.
Analyst Price Forecast Suggests 10.75% Upside
As of August 2, 2023, the average one-year price target for Plains All American Pipeline LP - Unit is 16.73. The forecasts range from a low of 14.14 to a high of $23.10. The average price target represents an increase of 10.75% from its latest reported closing price of 15.11.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Plains All American Pipeline LP - Unit is 66,892MM, an increase of 30.57%. The projected annual non-GAAP EPS is 1.37.
Plains All American Pipeline LP - Unit Declares $0.27 Dividend
On July 6, 2023 the company declared a regular quarterly dividend of $0.27 per share ($1.07 annualized). Shareholders of record as of July 31, 2023 will receive the payment on August 14, 2023. Previously, the company paid $0.27 per share.
At the current share price of $15.11 / share, the stock's dividend yield is 7.08%.
Looking back five years and taking a sample every week, the average dividend yield has been 7.88%, the lowest has been 4.40%, and the highest has been 31.10%. The standard deviation of yields is 3.55 (n=236).
The current dividend yield is 0.23 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.55. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.49%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 395 funds or institutions reporting positions in Plains All American Pipeline LP - Unit. This is a decrease of 15 owner(s) or 3.66% in the last quarter. Average portfolio weight of all funds dedicated to PAA is 0.72%, an increase of 6.35%. Total shares owned by institutions decreased in the last three months by 0.12% to 429,352K shares. The put/call ratio of PAA is 0.70, indicating a bullish outlook.
What are Other Shareholders Doing?
Alps Advisors holds 62,838K shares representing 9.00% ownership of the company. In it's prior filing, the firm reported owning 55,337K shares, representing an increase of 11.94%. The firm increased its portfolio allocation in PAA by 18.30% over the last quarter.
AMLP - ALERIAN MLP ETF holds 61,808K shares representing 8.85% ownership of the company. In it's prior filing, the firm reported owning 55,177K shares, representing an increase of 10.73%. The firm increased its portfolio allocation in PAA by 14.58% over the last quarter.
Invesco holds 29,043K shares representing 4.16% ownership of the company. In it's prior filing, the firm reported owning 27,536K shares, representing an increase of 5.19%. The firm increased its portfolio allocation in PAA by 6.52% over the last quarter.
Goldman Sachs Group holds 20,133K shares representing 2.88% ownership of the company. In it's prior filing, the firm reported owning 22,472K shares, representing a decrease of 11.62%. The firm decreased its portfolio allocation in PAA by 73.70% over the last quarter.
Tortoise Capital Advisors, L.l.c. holds 19,842K shares representing 2.84% ownership of the company. In it's prior filing, the firm reported owning 19,667K shares, representing an increase of 0.88%. The firm decreased its portfolio allocation in PAA by 7.07% over the last quarter.
Plains All American Pipeline Background Information
(This description is provided by the company.)
Plains is a publicly-traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids and natural gas. The company owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. The company is headquartered in Houston, Texas.
Additional reading:
- Plains All American Reports Second-Quarter 2023 Results and Provides Updated 2023 Guidance Announces Permian Bolt-On Acquisition and NGL Segment Updates
- Plains All American Reports First-Quarter 2023 Results; Reaffirms 2023 Guidance
- List of Subsidiaries of Plains All American Pipeline, L.P.
- Description of Our Securities.
- Plains All American Reports Fourth-Quarter and Full-Year 2022 Results; Announces 2023 Guidance
This story originally appeared on Fintel.
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