Plains All American Pipeline, L.P. (NYSE:PAA) announced a quarterly dividend on Tuesday, July 7th, Wall Street Journal reports. Shareholders of record on Friday, July 31st will be given a dividend of 0.18 per share by the pipeline company on Friday, August 14th. This represents a $0.72 annualized dividend and a yield of 8.17%. The ex-dividend date of this dividend is Thursday, July 30th.
Plains All American Pipeline has raised its dividend payment by an average of 73.9% annually over the last three years and has raised its dividend every year for the last 1 years. Plains All American Pipeline has a payout ratio of -118.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Plains All American Pipeline to earn $1.19 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 60.5%.
PAA traded up $0.22 during midday trading on Tuesday, hitting $8.81. The company had a trading volume of 5,595,190 shares, compared to its average volume of 7,002,008. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.86 and a current ratio of 0.91. The company has a market capitalization of $6.22 billion, a PE ratio of -3.49 and a beta of 2.37. Plains All American Pipeline has a twelve month low of $3.00 and a twelve month high of $25.26. The firm’s 50-day simple moving average is $9.62 and its 200-day simple moving average is $11.73.
Plains All American Pipeline (NYSE:PAA) last posted its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. The firm had revenue of $8.27 billion during the quarter, compared to analysts’ expectations of $8.83 billion. Plains All American Pipeline had a negative net margin of 4.90% and a positive return on equity of 19.57%. As a group, sell-side analysts anticipate that Plains All American Pipeline will post 1.32 EPS for the current fiscal year.
Several research firms have weighed in on PAA. Piper Sandler cut shares of Plains All American Pipeline from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $21.00 to $14.00 in a research report on Monday, March 9th. Royal Bank of Canada reduced their target price on shares of Plains All American Pipeline from $11.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 14th. Stifel Nicolaus lowered shares of Plains All American Pipeline from a “buy” rating to a “hold” rating in a research note on Thursday, March 12th. Bank of America lowered shares of Plains All American Pipeline from a “neutral” rating to an “underperform” rating in a research note on Monday, May 18th. Finally, UBS Group reduced their target price on shares of Plains All American Pipeline from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, April 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $16.21.
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.
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