Plains GP Holdings LP (PAGP) Rating Reiterated by BMO Capital Markets
Plains GP Holdings LP (NYSE:PAGP)‘s stock had its “hold” rating reaffirmed by investment analysts at BMO Capital Markets in a report issued on Wednesday. They currently have a $32.00 target price on the pipeline company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 13.07% from the company’s current price.
Several other analysts have also recently commented on the stock. Raymond James Financial, Inc. upgraded shares of Plains GP Holdings from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a research note on Monday. They noted that the move was a valuation call. Stifel Nicolaus decreased their target price on shares of Plains GP Holdings from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Wednesday, May 10th. Zacks Investment Research cut shares of Plains GP Holdings from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. Wolfe Research reiterated a “market perform” rating on shares of Plains GP Holdings in a research note on Friday, April 21st. Finally, Macquarie reiterated an “outperform” rating and issued a $37.00 target price on shares of Plains GP Holdings in a research note on Friday, April 21st. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Plains GP Holdings currently has a consensus rating of “Hold” and an average price target of $25.03.
Plains GP Holdings (NYSE:PAGP) traded up 1.34% during mid-day trading on Wednesday, reaching $28.68. 456,356 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $29.59 and a 200-day moving average price of $31.33. The stock has a market capitalization of $4.37 billion, a PE ratio of 68.78 and a beta of 1.49. Plains GP Holdings has a 12-month low of $23.06 and a 12-month high of $36.59.
Plains GP Holdings (NYSE:PAGP) last released its earnings results on Monday, May 8th. The pipeline company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.11. The company had revenue of $6.67 billion during the quarter, compared to analyst estimates of $5.21 billion. Plains GP Holdings had a return on equity of 0.90% and a net margin of 0.47%. The firm’s revenue for the quarter was up 62.2% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. Equities research analysts expect that Plains GP Holdings will post $1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Monday, May 1st were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 7.77%. The ex-dividend date was Thursday, April 27th. Plains GP Holdings’s payout ratio is 236.06%.
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In other Plains GP Holdings news, Chairman Greg L. Armstrong bought 100,000 shares of the company’s stock in a transaction dated Wednesday, May 10th. The stock was acquired at an average price of $27.64 per share, with a total value of $2,764,000.00. Following the completion of the acquisition, the chairman now directly owns 525,625 shares of the company’s stock, valued at $14,528,275. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Greg L. Armstrong bought 50,000 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were acquired at an average cost of $31.00 per share, with a total value of $1,550,000.00. Following the acquisition, the chairman now directly owns 500,625 shares of the company’s stock, valued at $15,519,375. The disclosure for this purchase can be found here. 39.93% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. Milestone Group Inc. raised its stake in Plains GP Holdings by 4.3% in the third quarter. Milestone Group Inc. now owns 15,027 shares of the pipeline company’s stock worth $194,000 after buying an additional 614 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in Plains GP Holdings by 1.7% in the first quarter. Chicago Partners Investment Group LLC now owns 6,249 shares of the pipeline company’s stock worth $195,000 after buying an additional 103 shares during the last quarter. Paloma Partners Management Co acquired a new stake in Plains GP Holdings during the first quarter worth about $211,000. Segment Wealth Management LLC raised its stake in Plains GP Holdings by 19.5% in the first quarter. Segment Wealth Management LLC now owns 7,357 shares of the pipeline company’s stock worth $230,000 after buying an additional 1,200 shares during the last quarter. Finally, Hollencrest Securities LLC acquired a new stake in Plains GP Holdings during the first quarter worth about $234,000.
About Plains GP Holdings
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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