Plains Group Holdings, L.P.’s (NYSE:PAGP) Buy Rating Reaffirmed at Citigroup Inc.

Plains Group Holdings, L.P. (NYSE:PAGP)‘s stock had its “buy” rating reissued by stock analysts at Citigroup Inc. in a research note issued on Thursday. They currently have a $28.00 price target on the pipeline company’s stock, down from their previous price target of $33.50. Citigroup Inc.’s target price suggests a potential upside of 33.52% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Deutsche Bank AG decreased their target price on shares of Plains Group Holdings, L.P. from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, May 30th. Zacks Investment Research raised shares of Plains Group Holdings, L.P. from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Wednesday, April 12th. Mizuho raised shares of Plains Group Holdings, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, July 10th. BidaskClub raised shares of Plains Group Holdings, L.P. from a “hold” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Raymond James Financial, Inc. set a $24.00 price objective on shares of Plains Group Holdings, L.P. and gave the company a “buy” rating in a research report on Wednesday. Fourteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $28.22.

Shares of Plains Group Holdings, L.P. (NYSE:PAGP) opened at 20.97 on Thursday. The company has a 50-day moving average of $25.97 and a 200-day moving average of $29.12. Plains Group Holdings, L.P. has a one year low of $14.44 and a one year high of $36.09. The company has a market capitalization of $3.19 billion, a PE ratio of 50.29 and a beta of 1.48.

Plains Group Holdings, L.P. (NYSE:PAGP) last released its earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by $0.04. The business had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $5.02 billion. Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.72%. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. On average, analysts anticipate that Plains Group Holdings, L.P. will post $1.56 earnings per share for the current year.

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In related news, Chairman Greg L. Armstrong bought 50,000 shares of Plains Group Holdings, L.P. stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average price of $23.41 per share, with a total value of $1,170,500.00. Following the acquisition, the chairman now owns 650,625 shares of the company’s stock, valued at approximately $15,231,131.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Everardo Goyanes bought 20,000 shares of Plains Group Holdings, L.P. stock in a transaction that occurred on Wednesday, August 9th. The shares were bought at an average cost of $21.25 per share, with a total value of $425,000.00. Following the acquisition, the director now directly owns 42,305 shares in the company, valued at approximately $898,981.25. The disclosure for this purchase can be found here. Insiders have purchased a total of 120,000 shares of company stock valued at $2,672,000 in the last ninety days. 39.93% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the company. OppenheimerFunds Inc. bought a new stake in shares of Plains Group Holdings, L.P. during the first quarter valued at approximately $180,285,000. State Street Corp bought a new stake in shares of Plains Group Holdings, L.P. during the first quarter valued at approximately $51,634,000. Massachusetts Financial Services Co. MA increased its stake in shares of Plains Group Holdings, L.P. by 82.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,907,764 shares of the pipeline company’s stock valued at $90,897,000 after buying an additional 1,311,319 shares during the last quarter. HITE Hedge Asset Management LLC increased its stake in shares of Plains Group Holdings, L.P. by 1,710.7% in the first quarter. HITE Hedge Asset Management LLC now owns 1,142,511 shares of the pipeline company’s stock valued at $35,715,000 after buying an additional 1,079,413 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of Plains Group Holdings, L.P. by 108.7% in the first quarter. Nuveen Asset Management LLC now owns 2,014,680 shares of the pipeline company’s stock valued at $62,979,000 after buying an additional 1,049,315 shares during the last quarter. 85.09% of the stock is owned by institutional investors and hedge funds.

About Plains Group Holdings, L.P.

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.

Analyst Recommendations for Plains Group Holdings, L.P. (NYSE:PAGP)

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