Plains GP (PAGP) Now Covered by Credit Suisse Group

Equities researchers at Credit Suisse Group assumed coverage on shares of Plains GP (NYSE:PAGP) in a report issued on Thursday, The Fly reports. The brokerage set an “outperform” rating on the pipeline company’s stock.

Several other brokerages have also recently issued reports on PAGP. Zacks Investment Research cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Seaport Global Securities assumed coverage on shares of Plains GP in a research note on Tuesday, October 10th. They set a “neutral” rating and a $23.00 price objective for the company. BidaskClub raised shares of Plains GP from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. SunTrust Banks set a $24.00 price objective on shares of Plains GP and gave the company a “hold” rating in a research note on Thursday, November 16th. Finally, Mizuho reissued a “buy” rating and set a $27.00 price objective on shares of Plains GP in a research note on Friday, October 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $25.75.

Plains GP (NYSE:PAGP) traded down $0.17 during mid-day trading on Thursday, reaching $23.00. 1,200,000 shares of the company’s stock traded hands, compared to its average volume of 1,590,000. The stock has a market cap of $6,640.00, a PE ratio of 52.27 and a beta of 1.51. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.00 and a quick ratio of 0.78. Plains GP has a 12-month low of $18.98 and a 12-month high of $35.44.

Plains GP (NYSE:PAGP) last released its earnings results on Monday, November 6th. The pipeline company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.20). The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Plains GP had a return on equity of 0.50% and a net margin of 0.25%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. equities analysts anticipate that Plains GP will post 0.87 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the stock. Atlantic Trust Group LLC boosted its position in Plains GP by 32.0% during the 3rd quarter. Atlantic Trust Group LLC now owns 2,935,457 shares of the pipeline company’s stock worth $64,199,000 after purchasing an additional 711,518 shares during the period. Chicago Partners Investment Group LLC boosted its position in Plains GP by 126.9% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 8,406 shares of the pipeline company’s stock worth $184,000 after purchasing an additional 4,702 shares during the period. Tortoise Capital Advisors L.L.C. boosted its position in Plains GP by 9.4% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 7,636,798 shares of the pipeline company’s stock worth $167,017,000 after purchasing an additional 653,301 shares during the period. California Public Employees Retirement System boosted its position in Plains GP by 3.1% during the 3rd quarter. California Public Employees Retirement System now owns 236,268 shares of the pipeline company’s stock worth $5,167,000 after purchasing an additional 7,028 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Plains GP by 611.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 73,286 shares of the pipeline company’s stock worth $1,603,000 after purchasing an additional 62,979 shares during the period. 83.05% of the stock is owned by hedge funds and other institutional investors.

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About Plains GP

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.

The Fly

Analyst Recommendations for Plains GP (NYSE:PAGP)

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