Plains GP Holdings LP (NYSE:PAGP) had its target price hoisted by stock analysts at 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. Morgan Stanley’s price objective indicates a potential upside of 3.70% from the stock’s previous close.
PAGP has been the subject of a number of other reports. Howard Weil initiated coverage on Plains GP Holdings in a research report on Thursday, August 25th. They issued a “sector perform” rating for the company. Zacks Investment Research lowered Plains GP Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. Citigroup Inc. reissued a “buy” rating and set a $12.50 price objective (up from $12.00) on shares of Plains GP Holdings in a report on Tuesday, August 16th. SunTrust Banks Inc. initiated coverage on Plains GP Holdings in a report on Tuesday, June 14th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Credit Suisse Group AG reissued 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. Nineteen research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $11.67.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 13.50 on Tuesday. The firm has a market capitalization of $3.60 billion, a PE ratio of 24.28 and a beta of 1.55. Plains GP Holdings has a 52-week low of $4.72 and a 52-week high of $19.43. The stock has a 50 day moving average price of $11.90 and a 200-day moving average price of $10.43.
Plains GP Holdings (NYSE:PAGP) last issued its earnings results on Monday, August 8th. The company reported $0.15 EPS 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 firm earned $4.95 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same period in the previous year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was down 25.7% on a year-over-year basis. Equities analysts forecast 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. Investors of record on Monday, October 31st will be paid a $0.2065 dividend. The ex-dividend date is Thursday, October 27th. This represents a $0.83 annualized dividend and a yield of 6.12%. Plains GP Holdings’s payout ratio is 170.37%.
Several large investors have recently bought and sold shares of the company. Harvest Fund Advisors LLC increased its stake in Plains GP Holdings by 34.0% in the first quarter. Harvest Fund Advisors LLC now owns 5,704,595 shares of the company’s stock valued at $49,573,000 after buying an additional 1,446,048 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Plains GP Holdings during the first quarter valued at about $14,117,000. UBS Asset Management Americas Inc. increased its stake in Plains GP Holdings by 1.6% in the first quarter. UBS Asset Management Americas Inc. now owns 330,186 shares of the company’s stock valued at $2,869,000 after buying an additional 5,127 shares in the last quarter. Alps Advisors Inc. increased its stake in Plains GP Holdings by 1,096.3% in the second quarter. Alps Advisors Inc. now owns 372,112 shares of the company’s stock valued at $3,881,000 after buying an additional 341,008 shares in the last quarter. Finally, Loomis Sayles & Co. L P bought a new stake in Plains GP Holdings during the first quarter valued at about $107,000. Hedge funds and other 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.
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