BMO Capital Markets set a $25.00 price objective on Plains Group Holdings, L.P. (NYSE:PAGP) in a research report released on Tuesday, October 17th. The brokerage currently has a buy rating on the pipeline company’s stock.
A number of other equities analysts have also recently issued reports on the company. BidaskClub upgraded Plains Group Holdings, L.P. from a strong sell rating to a sell rating in a report on Tuesday, June 27th. Stifel Nicolaus reiterated a hold rating and issued a $26.00 target price (down from $30.00) on shares of Plains Group Holdings, L.P. in a report on Wednesday, August 9th. Jefferies Group LLC upgraded Plains Group Holdings, L.P. from a hold rating to a buy rating and cut their target price for the stock from $27.00 to $24.00 in a report on Monday, August 21st. UBS AG raised Plains Group Holdings, L.P. from an outperform rating to a strong-buy rating in a research report on Monday, August 28th. Finally, Zacks Investment Research lowered Plains Group Holdings, L.P. from a hold rating to a strong sell rating in a research report on Wednesday, September 6th. One analyst has rated the stock with a sell rating, ten have assigned 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 price target of $27.12.
Plains Group Holdings, L.P. (PAGP) opened at 19.93 on Tuesday. Plains Group Holdings, L.P. has a 1-year low of $14.44 and a 1-year high of $36.09. The company’s market cap is $3.06 billion. The company’s 50-day moving average is $21.98 and its 200 day moving average is $25.07.
Plains Group Holdings, L.P. (NYSE:PAGP) last posted its quarterly earnings results 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 business 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 return on equity of 0.69% and a net margin of 0.34%. Plains Group Holdings, L.P.’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. On average, equities analysts predict that Plains Group Holdings, L.P. will post $1.09 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be given a $0.30 dividend. The ex-dividend date is Monday, October 30th. This represents a $1.20 dividend on an annualized basis and a yield of 6.02%. Plains Group Holdings, L.P.’s payout ratio is 333.50%.
In other news, Director Everardo Goyanes bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average price of $21.25 per share, for a total transaction of $425,000.00. Following the transaction, the director now directly owns 42,305 shares of the company’s stock, valued at approximately $898,981.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Richard K. Mcgee purchased 2,500 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was bought at an average cost of $21.08 per share, for a total transaction of $52,700.00. The disclosure for this purchase can be found here. Insiders purchased a total of 72,500 shares of company stock valued at $1,554,200 in the last 90 days. 39.93% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC purchased a new position in Plains Group Holdings, L.P. in the 2nd quarter worth approximately $103,000. The Manufacturers Life Insurance Company increased its stake in Plains Group Holdings, L.P. by 11.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock worth $109,000 after purchasing an additional 428 shares during the period. Searle & CO. purchased a new position in Plains Group Holdings, L.P. in the 2nd quarter worth approximately $209,000. Shell Asset Management Co. increased its stake in Plains Group Holdings, L.P. by 110.8% in the 2nd quarter. Shell Asset Management Co. now owns 7,994 shares of the pipeline company’s stock worth $209,000 after purchasing an additional 4,202 shares during the period. Finally, Paloma Partners Management Co purchased a new position in Plains Group Holdings, L.P. in the 1st quarter worth approximately $211,000. 83.34% 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.
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