Zacks Investment Research upgraded shares of Plains GP (NYSE:PAGP) from a sell rating to a hold rating in a research note released on Thursday morning.
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 equities analysts have also recently issued reports on PAGP. Stifel Nicolaus upgraded Plains GP from a hold rating to a buy rating and set a $24.00 price target on the stock in a report on Tuesday, March 6th. ValuEngine cut Plains GP from a hold rating to a sell rating in a report on Thursday, February 8th. Barclays cut Plains GP from an overweight rating to an equal weight rating and set a $26.00 price target on the stock. in a report on Wednesday, January 17th. Bank of America cut their price target on Plains GP from $24.00 to $23.00 and set a neutral rating on the stock in a report on Thursday, February 8th. Finally, Robert W. Baird set a $22.00 price target on Plains GP and gave the stock a hold rating in a report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Plains GP currently has an average rating of Buy and a consensus price target of $26.00.
Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.25). The business had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $4.91 billion. Plains GP had a positive return on equity of 0.73% and a negative net margin of 2.79%. sell-side analysts anticipate that Plains GP will post 1.56 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date of this dividend was Tuesday, January 30th. Plains GP’s payout ratio is -25.92%.
In other news, Director Oscar K. Brown bought 7,100 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $22.51 per share, with a total value of $159,821.00. Following the completion of the transaction, the director now directly owns 7,100 shares of the company’s stock, valued at $159,821. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 39.93% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in Plains GP by 11.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock valued at $109,000 after buying an additional 428 shares during the last quarter. Icon Wealth Partners LLC purchased a new stake in Plains GP in the 4th quarter valued at $103,000. Advisory Services Network LLC raised its position in Plains GP by 1,492.9% in the 4th quarter. Advisory Services Network LLC now owns 5,400 shares of the pipeline company’s stock valued at $119,000 after buying an additional 5,061 shares during the last quarter. Toronto Dominion Bank raised its position in Plains GP by 260.0% in the 3rd quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock valued at $134,000 after buying an additional 4,413 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its position in Plains GP by 126.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 8,406 shares of the pipeline company’s stock valued at $184,000 after buying an additional 4,702 shares during the last quarter. 84.22% of the stock is owned by institutional investors and hedge funds.
Plains GP Company Profile
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.
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