Wells Fargo & Co. Upgrades Plains GP Holdings LP (PAGP) to “Outperform”
Plains GP Holdings LP (NYSE:PAGP) was upgraded by equities researchers at Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday.
A number of other brokerages also recently weighed in on PAGP. Morgan Stanley lifted their target price on shares of Plains GP Holdings from $12.50 to $14.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Barclays PLC downgraded shares of Plains GP Holdings from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $8.00 to $11.00 in a research note on Friday, July 8th. Robert W. Baird raised shares of Plains GP Holdings from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $12.00 in a research note on Wednesday, July 13th. Evercore ISI downgraded shares of Plains GP Holdings from a “buy” rating to a “hold” rating and lifted their target price for the stock from $9.00 to $10.00 in a research note on Thursday, July 7th. Finally, Wunderlich reissued a “hold” rating and set a $10.00 target price (up previously from $9.00) on shares of Plains GP Holdings in a research note on Friday, July 15th. Nineteen equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $11.67.
Plains GP Holdings (NYSE:PAGP) opened at 12.77 on Wednesday. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 22.97 and a beta of 1.55. The company has a 50-day moving average of $11.83 and a 200-day moving average of $10.41. Plains GP Holdings has a 52 week low of $4.72 and a 52 week high of $19.49.
Plains GP Holdings (NYSE:PAGP) last issued its earnings results on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. Plains GP Holdings had a net margin of 0.69% and a return on equity of 1.36%. The company earned $4.95 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the prior year, the business earned $0.27 EPS. The business’s quarterly revenue was down 25.7% on a year-over-year basis. On average, equities analysts forecast that Plains GP Holdings will post $0.83 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be issued a dividend of $0.2065 per share. This represents a $0.83 annualized dividend and a yield of 6.47%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s dividend payout ratio (DPR) is presently 170.37%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P purchased a new position in Plains GP Holdings during the first quarter valued at $107,000. Paragon Capital Management Ltd purchased a new position in Plains GP Holdings during the second quarter valued at $107,000. Capital Fund Management S.A. purchased a new position in Plains GP Holdings during the second quarter valued at $116,000. Oppenheimer & Co. Inc. purchased a new position in Plains GP Holdings during the second quarter valued at $117,000. Finally, LS Investment Advisors LLC boosted its position in Plains GP Holdings by 27.4% in the second quarter. LS Investment Advisors LLC now owns 13,139 shares of the company’s stock valued at $137,000 after buying an additional 2,828 shares during the period. 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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