Zacks Investment Research upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a buy rating in a research note published on Thursday morning, Zacks.com reports. They currently have $27.00 price objective on the pipeline company’s 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. “
Other analysts also recently issued research reports about the company. ValuEngine raised Plains GP from a strong sell rating to a sell rating in a research note on Wednesday. TheStreet downgraded Plains GP from a b- rating to a c+ rating in a research note on Thursday, May 9th. Finally, Evercore ISI assumed coverage on Plains GP in a research note on Tuesday, February 5th. They issued a $24.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. Plains GP currently has a consensus rating of Buy and a consensus target price of $28.57.
NYSE:PAGP traded down $0.34 during trading hours on Thursday, reaching $24.70. The stock had a trading volume of 111,123 shares, compared to its average volume of 1,209,321. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.84. Plains GP has a 52 week low of $19.17 and a 52 week high of $27.00. The company has a market cap of $3.95 billion, a price-to-earnings ratio of 11.68 and a beta of 1.20.
Plains GP (NYSE:PAGP) last released its quarterly earnings data on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.49. Plains GP had a return on equity of 3.41% and a net margin of 1.31%. The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $10.54 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s revenue was down .3% compared to the same quarter last year. As a group, analysts anticipate that Plains GP will post 1.66 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $1.44 annualized dividend and a dividend yield of 5.83%. This is an increase from Plains GP’s previous quarterly dividend of $0.30. Plains GP’s payout ratio is currently 68.25%.
In other news, Director Everardo Goyanes sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total transaction of $492,000.00. Following the transaction, the director now owns 32,305 shares of the company’s stock, valued at approximately $794,703. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 16.31% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors bought a new position in Plains GP in the 4th quarter valued at $53,000. Squar Milner Financial Services LLC bought a new position in Plains GP in the 1st quarter valued at $85,000. Cresset Asset Management LLC bought a new position in Plains GP in the 1st quarter valued at $92,000. Daiwa Securities Group Inc. grew its position in Plains GP by 550.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 5,200 shares of the pipeline company’s stock valued at $105,000 after acquiring an additional 4,400 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new position in Plains GP in the 1st quarter valued at $145,000. 84.65% of the stock is currently owned by institutional investors.
Plains GP Company Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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