Plains GP Holdings LP (NYSE:PAGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $15.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.87% from the stock’s current price.
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. “
Other equities research analysts also recently issued reports about the company. Wells Fargo & Co. raised Plains GP Holdings from a “market perform” rating to an “outperform” rating in a research report on Wednesday, October 5th. Evercore ISI downgraded Plains GP Holdings from a “buy” rating to a “hold” rating and raised their price target for the company from $9.00 to $10.00 in a research report on Thursday, July 7th. Citigroup Inc. reaffirmed a “buy” rating and issued a $12.50 price target (up from $12.00) on shares of Plains GP Holdings in a research report on Tuesday, August 16th. Barclays PLC downgraded Plains GP Holdings from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $8.00 to $11.00 in a research report on Friday, July 8th. Finally, Wunderlich raised their price target on Plains GP Holdings from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Wednesday, August 31st. Seventeen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $12.18.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 13.29 on Tuesday. Plains GP Holdings has a 52 week low of $4.72 and a 52 week high of $18.89. The firm has a market cap of $3.55 billion, a PE ratio of 23.90 and a beta of 1.54. The firm’s 50-day moving average price is $12.32 and its 200 day moving average price is $10.72.
Plains GP Holdings (NYSE:PAGP) last posted its earnings results on Monday, August 8th. The company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.04. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.76 billion. Plains GP Holdings had a return on equity of 1.36% and a net margin of 0.69%. The company’s quarterly revenue was down 25.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. Equities analysts anticipate that Plains GP Holdings will post $0.83 EPS 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 paid a $0.2065 dividend. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s dividend payout ratio (DPR) is currently 170.37%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hennessy Advisors Inc. boosted its position in Plains GP Holdings by 11.4% in the third quarter. Hennessy Advisors Inc. now owns 1,250,277 shares of the company’s stock worth $16,179,000 after buying an additional 127,500 shares during the period. Prospera Financial Services Inc boosted its position in Plains GP Holdings by 357.1% in the third quarter. Prospera Financial Services Inc now owns 46,080 shares of the company’s stock worth $596,000 after buying an additional 36,000 shares during the period. Creative Planning boosted its position in Plains GP Holdings by 62.7% in the third quarter. Creative Planning now owns 44,312 shares of the company’s stock worth $573,000 after buying an additional 17,078 shares during the period. British Columbia Investment Management Corp boosted its position in Plains GP Holdings by 50.5% in the third quarter. British Columbia Investment Management Corp now owns 324,360 shares of the company’s stock worth $4,197,000 after buying an additional 108,847 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in Plains GP Holdings by 3.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 23,753 shares of the company’s stock worth $307,000 after buying an additional 853 shares during the period. Institutional investors own 76.80% of the company’s stock.
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.