Plains GP Holdings LP (PAGP) Rating Increased to Buy at Zacks Investment Research
Plains GP Holdings LP (NYSE:PAGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $15.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.87% from the company’s previous close.
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 analysts also recently weighed in on PAGP. Evercore ISI downgraded Plains GP Holdings from a “buy” rating to a “hold” rating and lifted their price target for the company from $9.00 to $10.00 in a research note on Thursday, July 7th. Barclays PLC downgraded Plains GP Holdings from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $8.00 to $11.00 in a research note on Friday, July 8th. Robert W. Baird upgraded Plains GP Holdings from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $5.00 to $12.00 in a research note on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $12.00 price objective (up from $11.00) on shares of Plains GP Holdings in a report on Friday, July 15th. Finally, Wunderlich reaffirmed a “hold” rating and set a $10.00 price objective (up from $9.00) on shares of Plains GP Holdings in a report on Friday, July 15th. Seventeen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Plains GP Holdings currently has an average rating of “Hold” and an average price target of $12.18.
Plains GP Holdings (NYSE:PAGP) opened at 13.29 on Tuesday. The stock has a market capitalization of $3.55 billion, a PE ratio of 23.90 and a beta of 1.54. Plains GP Holdings has a 12-month low of $4.72 and a 12-month high of $18.89. The stock’s 50 day moving average price is $12.32 and its 200-day moving average price is $10.72.
Plains GP Holdings (NYSE:PAGP) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 business earned $4.95 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter last year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was down 25.7% compared to the same quarter last year. Analysts expect 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 given a dividend of $0.2065 per share. This represents a $0.83 dividend on an annualized basis and a yield of 6.22%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s dividend payout ratio (DPR) is presently 170.37%.
A number of large investors have recently bought and sold shares of the stock. Loomis Sayles & Co. L P purchased a new stake in Plains GP Holdings during the first quarter worth about $107,000. Paragon Capital Management Ltd purchased a new stake in Plains GP Holdings during the second quarter worth about $107,000. Capital Fund Management S.A. purchased a new stake in Plains GP Holdings during the second quarter worth about $116,000. Oppenheimer & Co. Inc. purchased a new stake in Plains GP Holdings during the second quarter worth about $117,000. Finally, LS Investment Advisors LLC increased its stake 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 worth $137,000 after buying an additional 2,828 shares during the period. 76.80% of the stock is owned by hedge funds and other institutional investors.
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.
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