Zacks Investment Research upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. The brokerage currently has $27.00 price target 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. “
Several other research analysts have also recently commented on PAGP. ValuEngine raised Plains GP from a strong sell rating to a sell rating in a research report on Wednesday, May 15th. TheStreet cut Plains GP from a b- rating to a c+ rating in a research report on Thursday, May 9th. Finally, Evercore ISI assumed coverage on Plains GP in a research report on Tuesday, February 5th. They issued a $24.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $28.57.
Shares of PAGP stock opened at $24.47 on Thursday. The firm has a market capitalization of $3.90 billion, a P/E ratio of 11.60 and a beta of 1.20. Plains GP has a one year low of $19.17 and a one year high of $27.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.84.
Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, May 7th. The pipeline company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.43 by $0.49. The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $10.54 billion. Plains GP had a return on equity of 3.41% and a net margin of 1.31%. Plains GP’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business earned $0.36 earnings per share. As a group, sell-side analysts predict that Plains GP will post 1.66 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This is a boost from Plains GP’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.88%. Plains GP’s dividend payout ratio (DPR) is presently 68.25%.
In other Plains GP news, Director Everardo Goyanes sold 20,000 shares of Plains GP stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total transaction of $492,000.00. Following the completion of the transaction, the director now directly owns 32,305 shares of the company’s stock, valued at $794,703. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.31% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. APG Asset Management N.V. lifted its holdings in shares of Plains GP by 203.7% during the fourth quarter. APG Asset Management N.V. now owns 1,581,500 shares of the pipeline company’s stock valued at $27,808,000 after acquiring an additional 1,060,836 shares during the period. Legal & General Group Plc increased its stake in shares of Plains GP by 42.0% in the fourth quarter. Legal & General Group Plc now owns 127,445 shares of the pipeline company’s stock valued at $2,561,000 after buying an additional 37,702 shares in the last quarter. Korea Investment CORP increased its stake in shares of Plains GP by 5.1% in the fourth quarter. Korea Investment CORP now owns 309,100 shares of the pipeline company’s stock valued at $6,213,000 after buying an additional 15,100 shares in the last quarter. Brasada Capital Management LP increased its stake in shares of Plains GP by 6.8% in the first quarter. Brasada Capital Management LP now owns 62,933 shares of the pipeline company’s stock valued at $1,568,000 after buying an additional 3,992 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Plains GP by 80.5% in the fourth quarter. Mackenzie Financial Corp now owns 956,714 shares of the pipeline company’s stock valued at $19,230,000 after buying an additional 426,700 shares in the last quarter. 84.65% of the stock is owned by institutional investors.
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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