Zacks Investment Research upgraded shares of Plains GP Holdings LP (NYSE:PAGP) from a hold rating to a buy rating in a report issued on Wednesday. The firm currently has $35.00 price target on the stock.
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. “
PAGP has been the subject of several other reports. Robert W. Baird upgraded shares of Plains GP Holdings from a neutral rating to an outperform rating and boosted their target price for the company from $34.00 to $39.00 in a research report on Tuesday, January 31st. Mizuho assumed coverage on shares of Plains GP Holdings in a research report on Monday, January 30th. They set a neutral rating and a $35.00 target price for the company. Stifel Nicolaus boosted their target price on shares of Plains GP Holdings to $34.00 in a research report on Thursday, February 9th. Finally, Barclays PLC restated an equal weight rating and set a $32.00 target price on shares of Plains GP Holdings in a research report on Thursday, March 30th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Plains GP Holdings presently has a consensus rating of Hold and a consensus target price of $22.53.
Shares of Plains GP Holdings (NYSE:PAGP) opened at 31.26 on Wednesday. The stock has a market capitalization of $3.23 billion, a PE ratio of 33.26 and a beta of 1.49. Plains GP Holdings has a 52 week low of $22.17 and a 52 week high of $36.59. The company’s 50 day moving average is $31.67 and its 200-day moving average is $28.73.
Plains GP Holdings (NYSE:PAGP) last announced its earnings results on Tuesday, February 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by $0.88. The business had revenue of $5.95 billion for the quarter, compared to the consensus estimate of $6.13 billion. Plains GP Holdings had a net margin of 0.47% and a return on equity of 0.90%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. On average, equities analysts predict that Plains GP Holdings will post $1.92 earnings per share for the current year.
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In other news, Chairman Greg L. Armstrong acquired 50,000 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were acquired at an average price of $31.00 per share, for a total transaction of $1,550,000.00. Following the completion of the transaction, the chairman now directly owns 500,625 shares of the company’s stock, valued at approximately $15,519,375. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 39.93% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of PAGP. Kayne Anderson Capital Advisors LP boosted its position in Plains GP Holdings by 5.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 19,377,740 shares of the company’s stock worth $250,735,000 after buying an additional 1,082,200 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in Plains GP Holdings by 4,734.1% in the third quarter. Miller Howard Investments Inc. NY now owns 4,209,127 shares of the company’s stock worth $54,466,000 after buying an additional 4,122,056 shares during the last quarter. Morgan Stanley boosted its position in Plains GP Holdings by 17.4% in the third quarter. Morgan Stanley now owns 3,850,469 shares of the company’s stock worth $49,826,000 after buying an additional 570,096 shares during the last quarter. Capital Research Global Investors bought a new position in Plains GP Holdings during the third quarter worth approximately $36,548,000. Finally, TIAA CREF Investment Management LLC boosted its position in Plains GP Holdings by 2.2% in the third quarter. TIAA CREF Investment Management LLC now owns 2,418,665 shares of the company’s stock worth $31,298,000 after buying an additional 52,436 shares during the last quarter.
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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