Plains Group Holdings, L.P. (PAGP) Receives Average Rating of “Hold” from Analysts

Plains Group Holdings, L.P. (NYSE:PAGP) has been given an average recommendation of “Hold” by the twenty-two ratings firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $27.88.

A number of brokerages have issued reports on PAGP. BidaskClub raised Plains Group Holdings, L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Stifel Nicolaus reissued a “hold” rating and set a $26.00 price objective (down from $30.00) on shares of Plains Group Holdings, L.P. in a report on Wednesday, August 9th. Jefferies Group LLC raised Plains Group Holdings, L.P. from a “hold” rating to a “buy” rating and cut their price objective for the company 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 report on Monday, August 28th. Finally, Zacks Investment Research cut Plains Group Holdings, L.P. from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 6th.

In other news, Chairman Greg L. Armstrong acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average cost of $21.53 per share, for a total transaction of $1,076,500.00. Following the completion of the transaction, the chairman now directly owns 700,625 shares in the company, valued at $15,084,456.25. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Richard K. Mcgee acquired 2,500 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $21.08 per share, with a total value of $52,700.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 72,500 shares of company stock valued at $1,554,200. Corporate insiders own 39.93% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its position in Plains Group Holdings, L.P. by 0.3% in the second quarter. Teacher Retirement System of Texas now owns 12,922 shares of the pipeline company’s stock worth $338,000 after purchasing an additional 45 shares during the period. Envestnet Asset Management Inc. increased its position in Plains Group Holdings, L.P. by 2.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,648 shares of the pipeline company’s stock worth $302,000 after purchasing an additional 210 shares during the period. Homrich & Berg increased its position in Plains Group Holdings, L.P. by 1.1% in the second quarter. Homrich & Berg now owns 34,014 shares of the pipeline company’s stock worth $890,000 after purchasing an additional 354 shares during the period. Arete Wealth Advisors LLC increased its position in Plains Group Holdings, L.P. by 2.0% in the second quarter. Arete Wealth Advisors LLC now owns 19,432 shares of the pipeline company’s stock worth $508,000 after purchasing an additional 378 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Plains Group Holdings, L.P. by 11.4% in the second 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. Hedge funds and other institutional investors own 83.08% of the company’s stock.

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Shares of Plains Group Holdings, L.P. (PAGP) opened at 21.48 on Wednesday. The firm’s market cap is $3.30 billion. The company has a 50 day moving average of $22.29 and a 200-day moving average of $25.63. Plains Group Holdings, L.P. has a 12-month low of $14.44 and a 12-month high of $36.09.

Plains Group Holdings, L.P. (NYSE:PAGP) last issued its quarterly earnings data on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). The company 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 net margin of 0.34% and a return on equity of 0.69%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.29 earnings per share. Equities research analysts forecast that Plains Group Holdings, L.P. will post $1.09 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be issued a $0.30 dividend. The ex-dividend date is Monday, October 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.59%. Plains Group Holdings, L.P.’s dividend payout ratio is 333.50%.

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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