Plains GP Holdings LP (PAGP) Given New $14.00 Price Target at Morgan Stanley
Plains GP Holdings LP (NYSE:PAGP) had its price target raised by Morgan Stanley from $12.50 to $14.00 in a research note issued to investors on Tuesday. The firm currently has an equal weight rating on the stock.
Several other analysts also recently issued reports on the company. Evercore ISI downgraded Plains GP Holdings from a buy rating to a hold rating and lifted their target price for the company from $9.00 to $10.00 in a research note on Thursday, July 7th. Zacks Investment Research downgraded Plains GP Holdings from a buy rating to a hold rating in a research note on Wednesday, August 17th. Citigroup Inc. reissued a buy rating and set a $12.50 target price (up previously from $12.00) on shares of Plains GP Holdings in a research note on Tuesday, August 16th. Barclays PLC downgraded Plains GP Holdings from an overweight rating to an equal weight rating and lifted their target price for the company from $8.00 to $11.00 in a research note on Friday, July 8th. Finally, Wunderlich raised their price target on Plains GP Holdings from $10.00 to $11.00 and gave the company a hold rating in a report on Wednesday, August 31st. Nineteen investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Plains GP Holdings has an average rating of Hold and a consensus target price of $11.67.
Shares of Plains GP Holdings (NYSE:PAGP) traded up 4.15% during trading on Tuesday, hitting $13.30. The company had a trading volume of 925,445 shares. The stock’s 50-day moving average price is $11.83 and its 200 day moving average price is $10.41. Plains GP Holdings has a 52 week low of $4.72 and a 52 week high of $19.49. The company has a market capitalization of $3.55 billion, a P/E ratio of 23.92 and a beta of 1.55.
Plains GP Holdings (NYSE:PAGP) last issued its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.04. The business had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.76 billion. Plains GP Holdings had a net margin of 0.69% and a return on equity of 1.36%. The firm’s revenue for the quarter was down 25.7% compared to the same quarter last year. During the same period last year, the business posted $0.27 EPS. On average, equities research analysts forecast that Plains GP Holdings will post $0.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be paid a dividend of $0.2065 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.83 annualized dividend and a yield of 6.47%. Plains GP Holdings’s payout ratio is presently 170.37%.
Hedge funds have recently bought and sold shares of the stock. Springbok Capital Management LLC increased its stake in Plains GP Holdings by 48,060.0% in the first quarter. Springbok Capital Management LLC now owns 240,800 shares of the company’s stock valued at $2,093,000 after buying an additional 240,300 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Plains GP Holdings during the first quarter valued at $14,117,000. Geode Capital Management LLC purchased a new stake in Plains GP Holdings during the first quarter valued at $145,000. Loomis Sayles & Co. L P purchased a new stake in Plains GP Holdings during the first quarter valued at $107,000. Finally, Goldman Sachs Group Inc. increased its stake in Plains GP Holdings by 567.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,971,352 shares of the company’s stock valued at $34,511,000 after buying an additional 3,376,633 shares during the last quarter. Institutional investors and hedge funds own 76.78% of the company’s stock.
Plains GP Holdings Company Profile
Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.
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