Plains GP Holdings LP (PAGP) Upgraded at Wells Fargo & Co.
Plains GP Holdings LP (NYSE:PAGP) was upgraded by Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday.
Other research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Plains GP Holdings from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Thursday, July 14th. Citigroup Inc. reiterated 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 shares of Plains GP Holdings from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $8.00 to $11.00 in a research report on Friday, July 8th. Morgan Stanley increased their price target on shares of Plains GP Holdings from $12.50 to $14.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Evercore ISI downgraded shares of Plains GP Holdings from a “buy” rating to a “hold” rating and increased their price target for the company from $9.00 to $10.00 in a research report on Thursday, July 7th. Nineteen research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $11.67.
Plains GP Holdings (NYSE:PAGP) traded down 0.38% during mid-day trading on Wednesday, reaching $13.03. 1,598,786 shares of the company’s stock were exchanged. The company has a market cap of $3.48 billion, a PE ratio of 23.44 and a beta of 1.55. Plains GP Holdings has a 52-week low of $4.72 and a 52-week high of $19.11. The stock has a 50-day moving average price of $11.98 and a 200 day moving average price of $10.48.
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Plains GP Holdings (NYSE:PAGP) last released its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by $0.04. Plains GP Holdings had a net margin of 0.69% and a return on equity of 1.36%. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was down 25.7% on a year-over-year basis. Equities analysts predict that Plains GP Holdings will post $0.83 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a $0.2065 dividend. This represents a $0.83 annualized dividend and a dividend yield of 6.34%. The ex-dividend date is Thursday, October 27th. Plains GP Holdings’s payout ratio is presently 170.37%.
Several large investors have recently added to or reduced their stakes in PAGP. BlackRock Fund Advisors increased its stake in Plains GP Holdings by 29.9% in the first quarter. BlackRock Fund Advisors now owns 99,937 shares of the company’s stock valued at $868,000 after buying an additional 23,001 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Plains GP Holdings by 78.4% in the first quarter. JPMorgan Chase & Co. now owns 2,322,935 shares of the company’s stock valued at $20,188,000 after buying an additional 1,020,496 shares during the last quarter. LVW Advisors LLC increased its stake in 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. Meiji Yasuda Asset Management Co Ltd. bought a new stake in Plains GP Holdings during the first quarter valued at approximately $272,000. Finally, Cypress Wealth Advisors LLC increased its stake in Plains GP Holdings by 582.7% in the first quarter. Cypress Wealth Advisors LLC now owns 102,400 shares of the company’s stock valued at $890,000 after buying an additional 87,400 shares during the last quarter. 76.78% of the stock is owned by institutional investors.
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.
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