Zacks Investment Research upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. They currently have $25.00 target price on the pipeline company’s stock.
According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “
A number of other research analysts have also weighed in on PAGP. Wolfe Research raised Plains GP from a peer perform rating to an outperform rating in a report on Thursday, June 13th. TheStreet lowered Plains GP from a b- rating to a c+ rating in a report on Thursday, May 9th. Finally, ValuEngine lowered Plains GP from a sell rating to a strong sell rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $28.40.
NYSE:PAGP opened at $22.42 on Tuesday. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 10.63 and a beta of 1.15. Plains GP has a twelve month low of $19.17 and a twelve month high of $26.99. The stock’s 50 day moving average price is $23.85 and its two-hundred day moving average price is $24.04. The company has a quick ratio of 0.87, a current ratio of 1.00 and a debt-to-equity ratio of 0.67.
Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.08. The firm had revenue of $8.25 billion for the quarter, compared to analyst estimates of $7.87 billion. Plains GP had a return on equity of 3.71% and a net margin of 1.47%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 EPS. As a group, analysts anticipate that Plains GP will post 2.61 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date was Tuesday, July 30th. Plains GP’s payout ratio is presently 68.25%.
In related news, insider Emg Investment, Llc sold 7,328,291 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $23.10, for a total value of $169,283,522.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.31% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PAGP. Cresset Asset Management LLC lifted its position in shares of Plains GP by 2,363.2% during the 2nd quarter. Cresset Asset Management LLC now owns 91,016 shares of the pipeline company’s stock valued at $2,272,000 after acquiring an additional 87,321 shares during the period. Royal Bank of Canada lifted its position in shares of Plains GP by 517.8% during the 2nd quarter. Royal Bank of Canada now owns 207,175 shares of the pipeline company’s stock valued at $5,173,000 after acquiring an additional 173,643 shares during the period. UBS Group AG lifted its position in shares of Plains GP by 15.0% during the 2nd quarter. UBS Group AG now owns 686,335 shares of the pipeline company’s stock valued at $17,138,000 after acquiring an additional 89,525 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Plains GP by 236.0% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,741 shares of the pipeline company’s stock valued at $119,000 after acquiring an additional 3,330 shares during the period. Finally, United Services Automobile Association lifted its position in shares of Plains GP by 1.3% during the 2nd quarter. United Services Automobile Association now owns 184,030 shares of the pipeline company’s stock valued at $4,595,000 after acquiring an additional 2,433 shares during the period. Institutional investors and hedge funds own 86.93% of the company’s stock.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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