Plains Group Holdings, L.P. (PAGP) Receives Buy Rating from Barclays PLC

Plains Group Holdings, L.P. (NYSE:PAGP)‘s stock had its “buy” rating reissued by stock analysts at Barclays PLC in a research note issued on Thursday, October 19th. They currently have a $26.00 price objective on the pipeline company’s stock. Barclays PLC’s target price suggests a potential upside of 28.71% from the stock’s current price.

A number of other equities research analysts have also weighed in on PAGP. BMO Capital Markets set a $25.00 price objective on shares of Plains Group Holdings, L.P. and gave the company a “buy” rating in a report on Tuesday, October 17th. BidaskClub upgraded shares of Plains Group Holdings, L.P. from a “hold” rating to a “buy” rating in a report on Monday, July 31st. Stifel Nicolaus reiterated a “hold” rating and set a $26.00 price objective (down previously from $30.00) on shares of Plains Group Holdings, L.P. in a report on Wednesday, August 9th. Jefferies Group LLC reiterated a “hold” rating on shares of Plains Group Holdings, L.P. in a report on Friday, June 23rd. Finally, Robert W. Baird lowered shares of Plains Group Holdings, L.P. from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $36.00 to $23.00 in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $27.12.

Plains Group Holdings, L.P. (NYSE:PAGP) opened at 20.20 on Thursday. The company’s market cap is $3.10 billion. The firm’s 50 day moving average is $21.98 and its 200 day moving average is $25.07. Plains Group Holdings, L.P. has a 52-week low of $14.44 and a 52-week high of $36.09.

Plains Group Holdings, L.P. (NYSE:PAGP) last released its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The firm had revenue of $6.08 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. Plains Group Holdings, L.P.’s revenue for the quarter was up 22.8% on a year-over-year basis. Analysts forecast that Plains Group Holdings, L.P. will post $1.09 EPS for the current fiscal year.

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In other news, Chairman Greg L. Armstrong acquired 50,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average price of $21.53 per share, with a total value of $1,076,500.00. Following the transaction, the chairman now directly owns 700,625 shares in the company, valued at $15,084,456.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Richard K. Mcgee acquired 2,500 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was purchased 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. In the last ninety days, insiders bought 72,500 shares of company stock worth $1,554,200. Insiders own 39.93% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC purchased a new position in shares of Plains Group Holdings, L.P. in the 2nd quarter worth approximately $103,000. The Manufacturers Life Insurance Company grew its position in Plains Group Holdings, L.P. by 11.4% during 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 last quarter. Searle & CO. purchased a new stake in Plains Group Holdings, L.P. during the 2nd quarter worth approximately $209,000. Shell Asset Management Co. grew its position in Plains Group Holdings, L.P. by 110.8% during 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 last quarter. Finally, Paloma Partners Management Co purchased a new stake in Plains Group Holdings, L.P. during the 1st quarter worth approximately $211,000. 83.34% of the stock is currently owned by hedge funds and other institutional investors.

About Plains Group Holdings, L.P.

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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