Plains GP (PAGP) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $27.00 price objective 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. “

PAGP has been the topic of several other research reports. ValuEngine downgraded shares of Plains GP from a hold rating to a sell rating in a research note on Friday, June 29th. US Capital Advisors upgraded shares of Plains GP from a hold rating to an overweight rating and set a $30.00 price objective on the stock in a research note on Friday, August 24th. JPMorgan Chase & Co. raised their price objective on shares of Plains GP from $29.00 to $32.00 and gave the stock an overweight rating in a research note on Friday, August 24th. Stifel Nicolaus raised their price objective on shares of Plains GP from $24.00 to $26.00 and gave the stock a hold rating in a research note on Wednesday, August 8th. Finally, BMO Capital Markets restated a buy rating and issued a $27.00 price objective on shares of Plains GP in a research note on Friday, July 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $28.13.

Shares of Plains GP stock opened at $23.65 on Tuesday. The firm has a market capitalization of $3.81 billion, a PE ratio of 36.38 and a beta of 1.25. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.63 and a current ratio of 0.75. Plains GP has a 1 year low of $18.98 and a 1 year high of $27.00.

Plains GP (NYSE:PAGP) last announced its quarterly earnings data on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.17). The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.71 billion. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. sell-side analysts anticipate that Plains GP will post 1.1 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tortoise Capital Advisors L.L.C. boosted its stake in Plains GP by 6.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 9,273,785 shares of the pipeline company’s stock worth $221,736,000 after buying an additional 559,191 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its stake in Plains GP by 17.4% during the second quarter. Kayne Anderson Capital Advisors LP now owns 6,898,055 shares of the pipeline company’s stock worth $164,919,000 after buying an additional 1,020,371 shares in the last quarter. Millennium Management LLC boosted its stake in Plains GP by 53.2% during the first quarter. Millennium Management LLC now owns 4,272,725 shares of the pipeline company’s stock worth $92,932,000 after buying an additional 1,483,681 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Plains GP by 5.5% during the first quarter. OppenheimerFunds Inc. now owns 3,561,668 shares of the pipeline company’s stock worth $77,467,000 after buying an additional 185,975 shares in the last quarter. Finally, PointState Capital LP boosted its stake in Plains GP by 41.6% during the first quarter. PointState Capital LP now owns 3,449,543 shares of the pipeline company’s stock worth $75,028,000 after buying an additional 1,013,543 shares in the last quarter. Hedge funds and other institutional investors own 89.44% of the company’s stock.

Plains GP Company Profile

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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