Plains GP Holdings’ (PAGP) “Sector Perform” Rating Reiterated at Scotiabank
Plains GP Holdings LP (NYSE:PAGP)‘s stock had its “sector perform” rating reissued by analysts at Scotiabank in a research note issued to investors on Monday. They presently have a $14.00 price target on the stock, up from their previous price target of $10.00. Scotiabank’s target price suggests a potential upside of 2.41% from the company’s previous close.
A number of other research firms have also commented on PAGP. Howard Weil initiated coverage on Plains GP Holdings in a research note on Thursday, August 25th. They set a “sector perform” rating on the stock. Zacks Investment Research lowered Plains GP Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Wunderlich reaffirmed a “hold” rating and set a $10.00 price objective (up previously from $9.00) on shares of Plains GP Holdings in a research note on Friday, July 15th. Deutsche Bank AG raised Plains GP Holdings from a “hold” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Monday. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating and set a $12.00 price objective (up previously from $11.00) on shares of Plains GP Holdings in a research note on Friday, July 15th. Eighteen equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Plains GP Holdings presently has a consensus rating of “Hold” and a consensus price target of $12.06.
Shares of Plains GP Holdings (NYSE:PAGP) traded up 4.91% during mid-day trading on Monday, reaching $13.67. 2,347,803 shares of the company’s stock were exchanged. Plains GP Holdings has a 52 week low of $4.72 and a 52 week high of $19.11. The stock has a 50 day moving average price of $11.98 and a 200 day moving average price of $10.48. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 24.59 and a beta of 1.54.
Plains GP Holdings (NYSE:PAGP) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates 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 was down 25.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 EPS. Equities research analysts predict that Plains GP Holdings will post $0.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a $0.2065 dividend. The ex-dividend date is Thursday, October 27th. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.04%. Plains GP Holdings’s dividend payout ratio (DPR) is 170.37%.
Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Plains GP Holdings by 78.4% in the first quarter. JPMorgan Chase & Co. now owns 2,322,935 shares of the company’s stock worth $20,188,000 after buying an additional 1,020,496 shares during the period. LVW Advisors LLC increased its position in Plains GP Holdings by 381.4% in the first quarter. LVW Advisors LLC now owns 59,575 shares of the company’s stock worth $518,000 after buying an additional 47,200 shares during the period. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Plains GP Holdings during the first quarter worth approximately $272,000. Cypress Wealth Advisors LLC increased its position in Plains GP Holdings by 582.7% in the first quarter. Cypress Wealth Advisors LLC now owns 102,400 shares of the company’s stock worth $890,000 after buying an additional 87,400 shares during the period. Finally, UBS Group AG increased its position in Plains GP Holdings by 19.8% in the first quarter. UBS Group AG now owns 640,266 shares of the company’s stock worth $5,564,000 after buying an additional 105,801 shares during the period. Institutional investors own 76.78% of the company’s stock.
About Plains GP Holdings
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.
Receive News & Stock Ratings for Plains GP Holdings LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP Holdings LP and related stocks with our FREE daily email newsletter.