Plains GP Holdings LP (NYSE:PAGP) had its target price raised by Howard Weil from $10.00 to $14.00 in a research note issued to investors on Monday. They currently have a sector perform rating on the stock.
A number of other analysts have also recently weighed in on PAGP. Wells Fargo & Co. raised shares of Plains GP Holdings from a market perform rating to an outperform rating in a research note on Wednesday, October 5th. Evercore ISI cut shares of Plains GP Holdings from a buy rating to a hold rating and upped their target price for the company from $9.00 to $10.00 in a research note on Thursday, July 7th. Zacks Investment Research cut shares of Plains GP Holdings from a buy rating to a hold rating in a research note on Wednesday, August 17th. Citigroup Inc. reissued a buy rating and issued a $12.50 target price (up previously from $12.00) on shares of Plains GP Holdings in a research note on Tuesday, August 16th. Finally, Barclays PLC cut shares of Plains GP Holdings from an overweight rating to an equal weight rating and upped their price objective for the stock from $8.00 to $11.00 in a research note on Friday, July 8th. Eighteen investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $12.06.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 13.47 on Monday. Plains GP Holdings has a one year low of $4.72 and a one year high of $19.11. The company’s 50-day moving average price is $12.15 and its 200 day moving average price is $10.59. The company has a market cap of $3.60 billion, a PE ratio of 24.23 and a beta of 1.55.
Plains GP Holdings (NYSE:PAGP) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter in the previous year, the firm posted $0.27 EPS. The business’s revenue for the quarter was down 25.7% compared to the same quarter last year. Equities analysts forecast that Plains GP Holdings will post $0.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be paid a $0.2065 dividend. This represents a $0.83 annualized dividend and a yield of 6.13%. The ex-dividend date is Thursday, October 27th. Plains GP Holdings’s payout ratio is presently 170.37%.
A number of large investors have recently modified their holdings of the stock. Harvest Fund Advisors LLC increased its stake in shares of 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 valued at $49,573,000 after buying an additional 1,446,048 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Plains GP Holdings during the first quarter valued at approximately $14,117,000. Alps Advisors Inc. increased its stake in shares of Plains GP Holdings by 1,096.3% in the second quarter. Alps Advisors Inc. now owns 372,112 shares of the company’s stock valued at $3,881,000 after buying an additional 341,008 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Plains GP Holdings by 1.6% in the first quarter. UBS Asset Management Americas Inc. now owns 330,186 shares of the company’s stock valued at $2,869,000 after buying an additional 5,127 shares during the last quarter. Finally, LVW Advisors LLC increased its stake in shares of Plains GP Holdings by 381.4% in the first quarter. LVW Advisors LLC now owns 59,575 shares of the company’s stock valued at $518,000 after buying an additional 47,200 shares during the last quarter. 76.78% of the stock is owned by hedge funds and other institutional investors.
About Plains GP Holdings
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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