Plains Group Holdings, L.P. (PAGP) Upgraded at BidaskClub

Plains Group Holdings, L.P. (NYSE:PAGP) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, June 27th.

Several other equities analysts also recently commented on the stock. Jefferies Group LLC restated a “hold” rating on shares of Plains Group Holdings, L.P. in a research note on Friday, June 23rd. Zacks Investment Research cut shares of Plains Group Holdings, L.P. from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Deutsche Bank AG decreased their price objective on shares of Plains Group Holdings, L.P. from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, May 30th. BMO Capital Markets reissued a “hold” rating and issued a $32.00 price target on shares of Plains Group Holdings, L.P. in a research report on Wednesday, May 24th. Finally, Raymond James Financial, Inc. raised shares of Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a report on Monday, May 22nd. They noted that the move was a valuation call. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.26.

Plains Group Holdings, L.P. (PAGP) opened at 26.58 on Tuesday. The firm has a 50-day moving average price of $26.25 and a 200-day moving average price of $30.67. Plains Group Holdings, L.P. has a 52 week low of $23.33 and a 52 week high of $36.59. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 63.74 and a beta of 1.47.

Plains Group Holdings, L.P. (NYSE:PAGP) last announced its quarterly earnings results on Monday, May 8th. The pipeline company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.11. Plains Group Holdings, L.P. had a return on equity of 0.90% and a net margin of 0.44%. The firm had revenue of $6.67 billion for the quarter, compared to analyst estimates of $5.21 billion. During the same quarter in the prior year, the business earned $0.14 EPS. The firm’s quarterly revenue was up 62.2% on a year-over-year basis. Analysts anticipate that Plains Group Holdings, L.P. will post $1.62 EPS for the current fiscal year.

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In related news, Chairman Greg L. Armstrong bought 100,000 shares of the stock in a transaction on Wednesday, May 10th. The shares were purchased at an average price of $27.64 per share, with a total value of $2,764,000.00. Following the purchase, the chairman now owns 525,625 shares in the company, valued at $14,528,275. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Greg L. Armstrong acquired 50,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was acquired at an average cost of $23.41 per share, for a total transaction of $1,170,500.00. Following the purchase, the chairman now directly owns 650,625 shares in the company, valued at $15,231,131.25. The disclosure for this purchase can be found here. 39.93% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its position in Plains Group Holdings, L.P. by 1.7% in the first quarter. Chicago Partners Investment Group LLC now owns 6,249 shares of the pipeline company’s stock valued at $195,000 after buying an additional 103 shares during the period. Paloma Partners Management Co bought a new stake in Plains Group Holdings, L.P. during the first quarter valued at approximately $211,000. Proficio Capital Partners LLC boosted its stake in Plains Group Holdings, L.P. by 481.5% in the first quarter. Proficio Capital Partners LLC now owns 7,548 shares of the pipeline company’s stock valued at $211,000 after buying an additional 6,250 shares in the last quarter. Segment Wealth Management LLC boosted its stake in Plains Group Holdings, L.P. by 19.5% in the first quarter. Segment Wealth Management LLC now owns 7,357 shares of the pipeline company’s stock valued at $230,000 after buying an additional 1,200 shares in the last quarter. Finally, Hollencrest Securities LLC bought a new stake in Plains Group Holdings, L.P. during the first quarter valued at approximately $234,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.

Plains Group Holdings, L.P. Company Profile

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.

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

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