Plains Group Holdings, L.P. (NYSE:PAGP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “

A number of other research firms have also recently issued reports on PAGP. Mizuho upgraded Plains Group Holdings, L.P. from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, July 10th. BMO Capital Markets upgraded Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $22.00 to $25.00 in a research report on Monday, August 28th. Deutsche Bank AG cut Plains Group Holdings, L.P. from a “buy” rating to a “hold” rating and lowered their price objective for the company from $35.00 to $29.00 in a research report on Thursday, July 13th. Bank of America Corporation initiated coverage on Plains Group Holdings, L.P. in a research report on Thursday, August 3rd. They set a “neutral” rating and a $29.00 price objective on the stock. Finally, Stifel Nicolaus set a $21.00 price objective on Plains Group Holdings, L.P. and gave the company a “hold” rating in a research report on Monday, August 28th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.94.

Plains Group Holdings, L.P. (NYSE PAGP) traded down 0.83% during trading on Wednesday, reaching $22.58. 1,734,553 shares of the company’s stock were exchanged. Plains Group Holdings, L.P. has a 52-week low of $19.60 and a 52-week high of $36.59. The stock’s 50-day moving average price is $23.20 and its 200-day moving average price is $27.42. The company’s market capitalization is $3.47 billion.

Plains Group Holdings, L.P. (NYSE:PAGP) last released its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $6.08 billion for the quarter, compared to the consensus estimate of $5.02 billion. Plains Group Holdings, L.P. had a net margin of 0.34% and a return on equity of 0.69%. The business’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Equities analysts expect that Plains Group Holdings, L.P. will post $1.09 earnings per share for the current year.

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In other Plains Group Holdings, L.P. news, Chairman Greg L. Armstrong bought 50,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were bought at an average price of $23.41 per share, for a total transaction of $1,170,500.00. Following the completion of the acquisition, the chairman now owns 650,625 shares of the company’s stock, valued at $15,231,131.25. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Everardo Goyanes bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $21.25 per share, for a total transaction of $425,000.00. Following the acquisition, the director now directly owns 42,305 shares of the company’s stock, valued at approximately $898,981.25. The disclosure for this purchase can be found here. Insiders have bought 122,500 shares of company stock worth $2,724,700 in the last 90 days. Company insiders own 39.93% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC acquired a new position in shares of Plains Group Holdings, L.P. during the second quarter valued at $103,000. The Manufacturers Life Insurance Company lifted its stake in shares of Plains Group Holdings, L.P. by 11.4% during the second quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock valued at $109,000 after acquiring an additional 428 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Plains Group Holdings, L.P. by 1.7% during the first quarter. Chicago Partners Investment Group LLC now owns 6,249 shares of the pipeline company’s stock valued at $195,000 after acquiring an additional 103 shares during the period. Searle & CO. acquired a new position in shares of Plains Group Holdings, L.P. during the second quarter valued at $209,000. Finally, Shell Asset Management Co. lifted its stake in shares of Plains Group Holdings, L.P. by 110.8% during the second quarter. Shell Asset Management Co. now owns 7,994 shares of the pipeline company’s stock valued at $209,000 after acquiring an additional 4,202 shares during the period. Institutional investors own 83.17% of the company’s stock.

About Plains Group Holdings, L.P.

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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Analyst Recommendations for Plains Group Holdings, L.P. (NYSE:PAGP)

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