Howard Weil Raises Plains GP Holdings LP (PAGP) Price Target to $14.00
Plains GP Holdings LP (NYSE:PAGP) had its target price lifted by equities research analysts at Howard Weil from $10.00 to $14.00 in a research report issued on Monday. The firm currently has a “sector perform” rating on the stock. Howard Weil’s price target would suggest a potential upside of 7.44% from the stock’s current price.
PAGP has been the subject of several other research reports. Wells Fargo & Co. upgraded shares of Plains GP Holdings from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 5th. Zacks Investment Research downgraded shares of Plains GP Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. SunTrust Banks Inc. initiated coverage on shares of Plains GP Holdings in a report on Tuesday, June 14th. They issued a “neutral” rating and a $12.00 target price for the company. Citigroup Inc. reiterated a “buy” rating and issued a $12.50 target price (up previously from $12.00) on shares of Plains GP Holdings in a report on Tuesday, August 16th. Finally, Evercore ISI downgraded shares of Plains GP Holdings from a “buy” rating to a “hold” rating and lifted their target price for the company from $9.00 to $10.00 in a report on Thursday, July 7th. Seventeen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $11.81.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 13.03 on Monday. The stock’s 50 day moving average price is $11.98 and its 200 day moving average price is $10.48. Plains GP Holdings has a one year low of $4.72 and a one year high of $19.11. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 23.44 and a beta of 1.54.
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Plains GP Holdings (NYSE:PAGP) last posted its earnings results on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 company earned $4.95 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter last year, the business posted $0.27 EPS. The firm’s revenue for the quarter was down 25.7% on a year-over-year basis. Analysts forecast that Plains GP Holdings will post $0.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be given a $0.2065 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.83 dividend on an annualized basis and a yield of 6.34%. Plains GP Holdings’s dividend payout ratio (DPR) is presently 170.37%.
A number of large investors have recently made changes to their positions in PAGP. Macquarie Group Ltd. bought a new stake in shares of Plains GP Holdings during the second quarter worth $795,000. Harbour Capital Advisors LLC bought a new stake in shares of Plains GP Holdings during the second quarter worth $440,000. Harvest Fund Advisors LLC boosted its stake in shares of Plains GP Holdings by 69.6% in the second quarter. Harvest Fund Advisors LLC now owns 9,675,198 shares of the company’s stock worth $100,912,000 after buying an additional 3,970,603 shares during the period. Stifel Financial Corp boosted its stake in shares of Plains GP Holdings by 4.7% in the second quarter. Stifel Financial Corp now owns 288,838 shares of the company’s stock worth $3,013,000 after buying an additional 12,968 shares during the period. Finally, Cypress Wealth Advisors LLC boosted its stake in shares of Plains GP Holdings by 6.8% in the second quarter. Cypress Wealth Advisors LLC now owns 109,325 shares of the company’s stock worth $1,140,000 after buying an additional 6,925 shares during the period. 76.78% of the stock is owned by hedge funds and other 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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