Plains GP Holdings LP (NYSE:PAGP)‘s stock had its “sector perform” rating restated by equities researchers at Scotiabank in a research note issued on Monday. They presently have a $14.00 target price on the stock, up from their previous target price of $10.00. Scotiabank’s price objective suggests a potential upside of 3.63% from the company’s previous close.
Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Plains GP Holdings from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Thursday, July 14th. Citigroup Inc. reaffirmed a “buy” rating and set a $12.50 price target (up from $12.00) on shares of Plains GP Holdings in a research note on Tuesday, August 16th. Deutsche Bank AG raised shares of Plains GP Holdings from a “hold” rating to a “buy” rating and raised their price target for the stock from $13.00 to $15.00 in a research note on Monday. Barclays PLC cut shares of Plains GP Holdings from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $8.00 to $11.00 in a research note on Friday, July 8th. Finally, Morgan Stanley raised their price target 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, October 4th. Eighteen investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $12.06.
Plains GP Holdings (NYSE:PAGP) opened at 13.51 on Monday. Plains GP Holdings has a 12 month low of $4.72 and a 12 month high of $19.11. The company’s 50-day moving average is $12.09 and its 200-day moving average is $10.57. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 24.30 and a beta of 1.55.
Plains GP Holdings (NYSE:PAGP) last posted its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. Plains GP Holdings had a return on equity of 1.36% and a net margin of 0.69%. The business had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.76 billion. During the same period in the previous year, the company posted $0.27 earnings per share. Plains GP Holdings’s revenue for the quarter was down 25.7% compared to the same quarter last year. On average, equities research analysts anticipate that Plains GP Holdings will post $0.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a dividend of $0.2065 per share. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.11%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s dividend payout ratio is currently 170.37%.
Several large investors have recently bought and sold shares of PAGP. 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 worth $49,573,000 after buying an additional 1,446,048 shares in the last quarter. Springbok Capital Management LLC increased its stake in Plains GP Holdings by 48,060.0% in the first quarter. Springbok Capital Management LLC now owns 240,800 shares of the company’s stock worth $2,093,000 after buying an additional 240,300 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Plains GP Holdings during the first quarter worth $14,117,000. Geode Capital Management LLC purchased a new stake in Plains GP Holdings during the first quarter worth $145,000. Finally, Loomis Sayles & Co. L P purchased a new stake in Plains GP Holdings during the first quarter worth $107,000. 76.78% of the stock is owned by institutional investors.
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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