Plains GP Holdings LP (PAGP) Upgraded to Buy at Deutsche Bank AG
Plains GP Holdings LP (NYSE:PAGP) was upgraded by stock analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a note issued to investors on Monday, The Fly reports.
PAGP has been the topic of a number of other reports. Barclays PLC downgraded shares of Plains GP Holdings from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $8.00 to $11.00 in a report on Friday, July 8th. 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. Evercore ISI downgraded shares of Plains GP Holdings from a “buy” rating to a “hold” rating and lifted their price target for the company from $9.00 to $10.00 in a report on Thursday, July 7th. Morgan Stanley lifted 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, Robert W. Baird upgraded shares of Plains GP Holdings from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $5.00 to $12.00 in a report on Wednesday, July 13th. Seventeen analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $11.67.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 13.03 on Monday. The stock’s 50 day moving average is $11.98 and its 200-day moving average is $10.48. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 23.44 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.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/plains-gp-holdings-lp-pagp-upgraded-to-buy-at-deutsche-bank-ag.html
Plains GP Holdings (NYSE:PAGP) last announced its quarterly 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. The company earned $4.95 billion during the quarter, compared to the consensus estimate of $4.76 billion. Plains GP Holdings had a net margin of 0.69% and a return on equity of 1.36%. The business’s revenue was down 25.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. On average, analysts expect that Plains GP Holdings will post $0.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Monday, October 31st will be paid a dividend of $0.2065 per share. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $0.83 dividend on an annualized basis and a dividend yield of 6.34%. Plains GP Holdings’s dividend payout ratio is presently 170.37%.
Institutional investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P purchased a new position in Plains GP Holdings during the first quarter worth approximately $107,000. Paragon Capital Management Ltd purchased a new position in Plains GP Holdings during the second quarter worth approximately $107,000. Capital Fund Management S.A. bought a new stake in Plains GP Holdings during the second quarter valued at about $116,000. Oppenheimer & Co. Inc. bought a new stake in Plains GP Holdings during the second quarter valued at about $117,000. Finally, LS Investment Advisors LLC boosted its stake in Plains GP Holdings by 27.4% in the second quarter. LS Investment Advisors LLC now owns 13,139 shares of the company’s stock valued at $137,000 after buying an additional 2,828 shares during the period. 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.
Receive News & Ratings for Plains GP Holdings LP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP Holdings LP and related companies with MarketBeat.com's FREE daily email newsletter.