The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Plains All American Pipeline L.P. shares valued at $1,961,220 were purchased by McCarthy Kevin S on Jun 23. At $9.81 per share, McCarthy Kevin S acquired 200,000 shares. The insider’s holdings grew to 200,000 shares worth approximately $2.35 million following the completion of this transaction.
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As published in a research note from Stifel on August 15, 2022, Plains All American Pipeline L.P. [PAA] has been rated up from a Hold to a Buy and the price target has been revised to $16 from $14. This represents a 26.56% premium over Wednesday’s closing price. Analysts at Seaport Research Partners upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early August. As of August 01, 2022, Wolfe Research has decreased its “an Outperform” rating to a “Peer perform” for PAA. Earlier on July 19, 2022, BofA Securities upgraded its rating. Their new recommendation was “a Neutral” for PAA stock which previously was a “an Underperform”.
Analyzing PAA’s Price Performance
On Wednesday, Plains All American Pipeline L.P. [NASDAQ: PAA] plunged -1.09% to $11.75. The stock’s lowest price that day was $11.75, but it reached a high of $12.10 in the same session. During the last five days, there has been a drop of approximately -4.94%. Over the course of the year, Plains All American Pipeline L.P. shares have jumped approximately 25.80%. Shares of the company reached a 52-week high of $12.57 on 08/29/22 and a 52-week low of $9.10 on 07/06/22. A 50-day SMA is recorded $11.42, while a 200-day SMA reached $10.76. Nevertheless, trading volume fell to 4.3 million shares from 3.53 million shares the previous day.
Support And Resistance Levels for Plains All American Pipeline L.P. (PAA)
According to the 24-hour chart, there is a support level at 11.63, which, if violated, would cause prices to drop to 11.52. In the upper region, resistance lies at 11.98. The next price resistance is at 12.22. RSI (Relative Strength Index) is 49.42 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.03, which suggests the price will decrease in the coming days. Percent R is at 64.81%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Plains All American Pipeline L.P. subject to short interest?
Stocks of Plains All American Pipeline L.P. saw a sharp steep in short interest on Jul 14, 2022 dropping by 40000.0 shares to 24.11 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 24.15 million shares. A decline of -0.17% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.22 of the overall float, the days-to-cover ratio (short ratio) decline to 4.22.
Which companies own the most shares of Plains All American Pipeline L.P. (PAA)?
According to ALPS Advisors, Inc. filings, the company currently owns 58,117,530 shares, which is about 8.33% of the total PAA shares outstanding. The investor’s shares have plunged by -261,237 from its previous 13-F filing of 58378767.0 shares. With the completion of the buy transaction, Invesco Advisers, Inc.’s stake is now worth $264,990,583. Tortoise Capital Advisors LLC reduced a -7.70% interest valued at $243.2 million while Harvest Fund Advisors LLC sold a -7,968,692 stake. A total of -254,684 shares of Plains All American Pipeline L.P. were sold by Goldman Sachs Asset Management LP during the quarter, and 492,500 were bought by Kayne Anderson Capital Advisors L. In its current portfolio, CIBC Private Wealth Advisors, Inc holds 8,712,301 shares valued at $102.37 million.
In terms of Plains All American Pipeline L.P. share price expectations, FactSet research, analysts set an average price target of $14.86 in the next 12 months, up nearly 26.26% from the previous closing price of $11.88. Analysts anticipate Plains All American Pipeline L.P. stock to reach $18.00 by 2022, with the lowest price target being $13.00. In spite of this, 21 analysts ranked Plains All American Pipeline L.P. stock as an Overweight at the end of 2022. On May 12, 2022, Credit Suisse assigned a price target of “an Outperform” to the stock and upgraded coverage with a $14.