Plains GP Holdings LP (PAGP) Given Sector Perform Rating at Scotiabank
Plains GP Holdings LP (NYSE:PAGP)‘s stock had its “sector perform” rating reissued by Scotiabank in a research report issued to clients and investors on Monday. They currently have a $14.00 target price on the stock, up from their previous target price of $10.00. Scotiabank’s price target indicates a potential upside of 2.41% from the company’s previous close.
Several other research analysts have also commented on the stock. Howard Weil raised their price target on shares of Plains GP Holdings from $10.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday. Deutsche Bank AG upgraded shares of Plains GP Holdings from a “hold” rating to a “buy” rating and raised their price target for the company from $13.00 to $15.00 in a report on Monday. 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. Morgan Stanley raised 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 report on Tuesday, October 4th. Finally, Wunderlich raised their price target on shares of Plains GP Holdings from $10.00 to $11.00 and gave the company a “hold” rating in a report on Wednesday, August 31st. Eighteen investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $12.06.
Shares of Plains GP Holdings (NYSE:PAGP) traded up 4.91% on Monday, hitting $13.67. 2,347,803 shares of the stock traded hands. The firm’s 50-day moving average is $11.98 and its 200 day moving average is $10.48. The firm has a market cap of $3.65 billion, a P/E ratio of 24.59 and a beta of 1.54. Plains GP Holdings has a 12-month low of $4.72 and a 12-month high of $19.11.
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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 the Thomson Reuters’ 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 earned $4.95 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period in the prior year, the business posted $0.27 earnings per share. Plains GP Holdings’s revenue was down 25.7% on a year-over-year basis. Equities research analysts forecast that Plains GP Holdings will post $0.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 31st will be issued a dividend of $0.2065 per share. This represents a $0.83 annualized dividend and a dividend yield of 6.04%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s dividend payout ratio (DPR) is 170.37%.
Several institutional investors have recently made changes to their positions in PAGP. Macquarie Group Ltd. purchased a new position in shares of Plains GP Holdings during the second quarter valued at about $795,000. Harbour Capital Advisors LLC purchased a new position in shares of Plains GP Holdings during the second quarter valued at about $440,000. Harvest Fund Advisors LLC increased its position 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 valued at $100,912,000 after buying an additional 3,970,603 shares during the period. Stifel Financial Corp increased its position 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 valued at $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 in 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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