Plains GP Holdings (NYSE:PAGP) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 1,676,220 shares, a decline of 36.8% from the February 15th total of 2,653,850 shares. Currently, 0.7% of the company’s shares are sold short. Based on an average trading volume of 1,188,155 shares, the short-interest ratio is currently 1.4 days.
PAGP has been the topic of a number of analyst reports. Morgan Stanley raised Plains GP from an “equal weight” rating to an “overweight” rating and set a $32.00 price target on the stock in a research report on Tuesday, February 13th. Seaport Global Securities upgraded Plains GP from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 20th. Bank of America initiated coverage on Plains GP in a research note on Tuesday, January 9th. They set a “neutral” rating for the company. Stifel Nicolaus upgraded Plains GP from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday, March 6th. Finally, Zacks Investment Research upgraded Plains GP from a “sell” rating to a “hold” rating in a research note on Thursday, March 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $26.11.
In other Plains GP news, Director Oscar K. Brown bought 7,100 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $22.51 per share, with a total value of $159,821.00. Following the completion of the purchase, the director now owns 7,100 shares in the company, valued at $159,821. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 39.93% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its holdings in Plains GP by 11.4% during the 2nd 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 in the last quarter. Toronto Dominion Bank lifted its stake in shares of Plains GP by 40.6% in the 4th quarter. Toronto Dominion Bank now owns 8,593 shares of the pipeline company’s stock valued at $188,000 after purchasing an additional 2,483 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in Plains GP by 1.0% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 276,834 shares of the pipeline company’s stock worth $6,054,000 after acquiring an additional 2,700 shares during the period. LVW Advisors LLC raised its position in Plains GP by 13.4% during the third quarter. LVW Advisors LLC now owns 23,700 shares of the pipeline company’s stock worth $518,000 after acquiring an additional 2,801 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Plains GP by 2.5% during the fourth quarter. Wells Fargo & Company MN now owns 122,098 shares of the pipeline company’s stock worth $2,680,000 after buying an additional 2,987 shares in the last quarter. 84.22% of the stock is owned by institutional investors.
Plains GP stock traded down $0.02 during mid-day trading on Friday, hitting $23.23. The company’s stock had a trading volume of 3,435,768 shares, compared to its average volume of 1,631,109. Plains GP has a 12 month low of $18.98 and a 12 month high of $31.77. The company has a quick ratio of 0.73, a current ratio of 0.88 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $3,647.37, a PE ratio of 35.74 and a beta of 1.25.
Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.25). The company had revenue of $7.61 billion for the quarter, compared to the consensus estimate of $4.91 billion. Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. equities analysts expect that Plains GP will post 1.45 earnings per share for the current fiscal year.
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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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