The stock of Plains All American Pipeline, L.P. (NYSE:PAA) is now priced at $7.12 and the shares are 0.04 points up or 0.56% higher compared to its previous closing price of $7.08. The stock had 3.156 million contracts set over the past session. PAA shares’ daily volume is compared to its average trading volume at 4.962 million shares. However, it has a float of 473 million and although its performance was 1.86% over the week, it’s one to watch. Analysts have given the PAA stock a yearly average price target of $12.09 per share. It means the stock’s upside potential is 69.8% with the PAA share price recently placing at $6.85 to $7.16. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Plains All American Pipeline, L.P. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PAA shares have declined. Short interest in the stock represents just 1.87% of its float, but the volume has dropped by 0.
In the last trading session, Plains All American Pipeline, L.P. (NYSE:PAA) raised by $0.13 over the week and lost -$1.22 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $22.81. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $3 at 137.33%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.14. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Plains All American Pipeline, L.P.’s two-week RSI is 39.69. This suggests that the stock is neutral at the moment and that PAA shares’ price movement remains stable. The stochastic readings are equally revealing at 25.01% meaning the PAA share price is currently in overbought territory.
The technical chart shows that the PAA stock will likely settle at between $7.24 and $7.35 per share. However, if the stock dips below $6.93, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.73.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities raised their recommendation for PAA from Underperform to Buy in July 21 review. TD Securities analysts see the stock as a Buy with a target price of $17 in a flash note released to investors on June 30 initiating covering the stock. BofA/Merrill seeing the stock struggling downgraded it from Neutral to Underperform on May 18.
The average rating for the PAA equity is 2.24 and is currently gathering a bullish momentum. Of 24 analysts tracking Plains All American Pipeline, L.P. polled by Reuters, 7 rated PAA as a hold. The remaining 17 analysts were split evenly. However, the split wasn’t equal as a majority (16) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PAA stock price is 5.61X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.1. Plains All American Pipeline, L.P. has its P/E ratio at 0.5, which means that the stock is currently trading at a discount relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Plains All American Pipeline, L.P. (NYSE:PAA) will increase by about 53.64%, which will see them reach $5130 million. The company’s full-year revenues are, however, expected to diminish by about -34.13%, down from $33700 million to $22200 million. PAA’s expected adjusted earnings should drop almost -43.64% to end up at $0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -118.11% to record -$0.48/share.