BMO Capital Markets reaffirmed their buy rating on shares of Plains GP (NYSE:PAGP) in a research report sent to investors on Friday morning. The brokerage currently has a $27.00 target price on the pipeline company’s stock.
A number of other research firms have also recently issued reports on PAGP. Deutsche Bank initiated coverage on shares of Plains GP in a report on Thursday, April 19th. They set a buy rating and a $29.00 price target for the company. Sanford C. Bernstein cut shares of Plains GP from an outperform rating to a market perform rating in a report on Monday, June 18th. ValuEngine cut shares of Plains GP from a hold rating to a sell rating in a report on Friday, June 29th. Wolfe Research cut shares of Plains GP from a market perform rating to an underperform rating in a report on Tuesday, April 24th. Finally, SunTrust Banks upgraded shares of Plains GP from a hold rating to a buy rating and set a $27.00 price target for the company in a report on Monday, April 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $25.76.
Plains GP stock opened at $23.37 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.73 and a current ratio of 0.86. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 41.19 and a beta of 1.23. Plains GP has a one year low of $18.98 and a one year high of $27.75.
Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, May 8th. The pipeline company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.08). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $6.82 billion. Plains GP had a positive return on equity of 0.70% and a negative net margin of 2.63%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 earnings per share. sell-side analysts predict that Plains GP will post 1 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 14th. Investors of record on Tuesday, July 31st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 5.13%. The ex-dividend date is Monday, July 30th. Plains GP’s payout ratio is presently 184.62%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB raised its position in Plains GP by 12.1% in the first quarter. Xact Kapitalforvaltning AB now owns 19,567 shares of the pipeline company’s stock worth $426,000 after purchasing an additional 2,107 shares in the last quarter. Catalyst Capital Advisors LLC raised its position in Plains GP by 0.9% in the first quarter. Catalyst Capital Advisors LLC now owns 324,183 shares of the pipeline company’s stock worth $7,051,000 after purchasing an additional 2,793 shares in the last quarter. Wells Fargo & Company MN raised its position in Plains GP by 2.5% in the fourth quarter. Wells Fargo & Company MN now owns 122,098 shares of the pipeline company’s stock worth $2,680,000 after purchasing an additional 2,987 shares in the last quarter. Talara Capital Management LLC raised its position in Plains GP by 0.4% in the first quarter. Talara Capital Management LLC now owns 824,554 shares of the pipeline company’s stock worth $17,934,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Poplar Forest Capital LLC raised its position in Plains GP by 12.0% in the first quarter. Poplar Forest Capital LLC now owns 29,825 shares of the pipeline company’s stock worth $649,000 after purchasing an additional 3,200 shares in the last quarter. Institutional investors and hedge funds own 85.44% of the company’s stock.
About Plains GP
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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