Zacks Investment Research upgraded shares of Plains GP Holdings LP (NYSE:PAGP) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $35.00 price objective on the 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. “
PAGP has been the topic of a number of other research reports. Robert W. Baird upgraded Plains GP Holdings from a neutral rating to an outperform rating and raised their target price for the stock from $34.00 to $39.00 in a report on Tuesday, January 31st. Mizuho began coverage on Plains GP Holdings in a report on Monday, January 30th. They set a neutral rating and a $35.00 target price on the stock. Stifel Nicolaus raised their target price on Plains GP Holdings to $34.00 in a report on Thursday, February 9th. Finally, Barclays PLC restated an equal weight rating and set a $32.00 target price on shares of Plains GP Holdings in a report on Thursday, March 30th. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $22.53.
Shares of Plains GP Holdings (NYSE:PAGP) traded down 0.13% during midday trading on Wednesday, hitting $31.42. The company had a trading volume of 137,636 shares. The firm’s 50-day moving average is $31.67 and its 200-day moving average is $28.72. The firm has a market capitalization of $3.24 billion, a P/E ratio of 33.43 and a beta of 1.49. Plains GP Holdings has a 12-month low of $22.10 and a 12-month high of $36.59.
Plains GP Holdings (NYSE:PAGP) last issued its earnings results on Tuesday, February 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.80 by $0.88. Plains GP Holdings had a return on equity of 0.90% and a net margin of 0.47%. The company had revenue of $5.95 billion for the quarter, compared to the consensus estimate of $6.13 billion. During the same quarter last year, the business posted $0.11 EPS. Plains GP Holdings’s quarterly revenue was up 19.1% on a year-over-year basis. On average, analysts predict that Plains GP Holdings will post $1.87 earnings per share for the current fiscal year.
In other news, Chairman Greg L. Armstrong bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The shares were acquired at an average price of $31.00 per share, with a total value of $1,550,000.00. Following the transaction, the chairman now owns 500,625 shares in the company, valued at $15,519,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 39.93% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. Miller Howard Investments Inc. NY raised its stake in shares of Plains GP Holdings by 4,734.1% in the third quarter. Miller Howard Investments Inc. NY now owns 4,209,127 shares of the company’s stock worth $54,466,000 after buying an additional 4,122,056 shares in the last quarter. Capital Research Global Investors purchased a new stake in shares of Plains GP Holdings during the third quarter worth about $36,548,000. Energy Income Partners LLC purchased a new stake in shares of Plains GP Holdings during the fourth quarter worth about $60,116,000. Bank of New York Mellon Corp raised its stake in shares of Plains GP Holdings by 211.1% in the third quarter. Bank of New York Mellon Corp now owns 1,699,170 shares of the company’s stock worth $21,987,000 after buying an additional 1,152,981 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP raised its stake in shares of Plains GP Holdings by 5.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 19,377,740 shares of the company’s stock worth $250,735,000 after buying an additional 1,082,200 shares in the last quarter.
About Plains GP Holdings
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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