Plains GP (PAGP) Downgraded by Barclays

Barclays cut shares of Plains GP (NYSE:PAGP) from an overweight rating to an equal weight rating in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has $26.00 target price on the pipeline company’s stock.

PAGP has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Plains GP from a buy rating to a hold rating in a report on Tuesday, November 7th. Seaport Global Securities began coverage on shares of Plains GP in a research note on Tuesday, October 10th. They issued a neutral rating and a $23.00 price target for the company. BidaskClub upgraded shares of Plains GP from a sell rating to a hold rating in a research note on Thursday, November 9th. SunTrust Banks set a $24.00 price target on shares of Plains GP and gave the stock a hold rating in a research note on Thursday, November 16th. Finally, Credit Suisse Group began coverage on shares of Plains GP in a research note on Thursday, January 4th. They issued an outperform rating and a $25.00 price target for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Plains GP currently has an average rating of Hold and an average target price of $25.71.

Shares of Plains GP (PAGP) traded up $0.05 during midday trading on Wednesday, reaching $22.78. 1,312,676 shares of the company were exchanged, compared to its average volume of 1,028,847. Plains GP has a 12-month low of $18.98 and a 12-month high of $34.63. The stock has a market capitalization of $3,519.59, a P/E ratio of 50.62 and a beta of 1.48. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.00 and a quick ratio of 0.78.

Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Monday, November 6th. The pipeline company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.20). Plains GP had a return on equity of 0.50% and a net margin of 0.25%. The firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same period last year, the company posted $0.39 earnings per share. The business’s quarterly revenue was up 13.6% on a year-over-year basis. equities analysts predict that Plains GP will post 0.87 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, January 30th. This represents a $1.20 annualized dividend and a dividend yield of 5.27%. Plains GP’s dividend payout ratio is presently 266.67%.

Several large investors have recently modified their holdings of PAGP. The Manufacturers Life Insurance Company lifted its stake in Plains GP by 11.4% in the second quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock valued at $109,000 after buying an additional 428 shares during the last quarter. Toronto Dominion Bank increased its holdings in Plains GP by 260.0% in the third quarter. Toronto Dominion Bank now owns 6,110 shares of the pipeline company’s stock valued at $134,000 after purchasing an additional 4,413 shares during the last quarter. Penserra Capital Management LLC increased its holdings in Plains GP by 84.2% in the third quarter. Penserra Capital Management LLC now owns 7,254 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 3,315 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in Plains GP by 126.9% in the third quarter. Chicago Partners Investment Group LLC now owns 8,406 shares of the pipeline company’s stock valued at $184,000 after purchasing an additional 4,702 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in Plains GP by 13.9% in the second quarter. HighTower Advisors LLC now owns 8,621 shares of the pipeline company’s stock valued at $225,000 after purchasing an additional 1,050 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

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About Plains GP

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 GP (NYSE:PAGP)

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