Citigroup Inc. Reiterates “Buy” Rating for Plains Group Holdings, L.P. (NYSE:PAGP)

Plains Group Holdings, L.P. (NYSE:PAGP)‘s stock had its “buy” rating reissued by equities researchers at Citigroup Inc. in a note issued to investors on Thursday. They currently have a $28.00 price objective on the pipeline company’s stock, down from their prior price objective of $33.50. Citigroup Inc.’s price target suggests a potential upside of 32.76% from the stock’s current price.

Other research analysts have also issued research reports about the company. UBS AG raised Plains Group Holdings, L.P. from a “market perform” rating to an “outperform” rating in a research report on Monday, May 22nd. BidaskClub raised Plains Group Holdings, L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Scotiabank set a $37.00 price target on Plains Group Holdings, L.P. and gave the stock a “hold” rating in a research report on Friday, July 21st. Robert W. Baird lowered Plains Group Holdings, L.P. from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $36.00 to $23.00 in a research report on Tuesday. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $32.00 price target on shares of Plains Group Holdings, L.P. in a research report on Wednesday, May 24th. Fourteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Plains Group Holdings, L.P. has an average rating of “Hold” and an average target price of $28.22.

Shares of Plains Group Holdings, L.P. (NYSE PAGP) traded down 0.28% during trading on Thursday, reaching $21.09. 1,737,885 shares of the company traded hands. The stock’s 50 day moving average is $25.83 and its 200 day moving average is $28.98. The company’s market capitalization is $3.23 billion. Plains Group Holdings, L.P. has a 1-year low of $14.44 and a 1-year 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 the consensus estimate of $0.20 by $0.04. The firm had revenue of $6.08 billion for the quarter, compared to analyst estimates of $5.02 billion. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The company’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period last year, the firm earned $0.29 EPS. On average, analysts forecast that Plains Group Holdings, L.P. will post $1.51 EPS for the current year.

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In other Plains Group Holdings, L.P. news, Chairman Greg L. Armstrong acquired 50,000 shares of the company’s stock in a transaction that occurred on 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 completion of the acquisition, the chairman now directly owns 700,625 shares of the company’s stock, valued at approximately $15,084,456.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Everardo Goyanes acquired 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $21.25 per share, for a total transaction of $425,000.00. Following the acquisition, the director now directly owns 42,305 shares of the company’s stock, valued at $898,981.25. The disclosure for this purchase can be found here. Insiders have purchased 120,000 shares of company stock worth $2,672,000 in the last ninety days. 39.93% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. OppenheimerFunds Inc. acquired a new position in shares of Plains Group Holdings, L.P. during the first quarter worth $180,285,000. State Street Corp acquired a new position in shares of Plains Group Holdings, L.P. during the first quarter worth $51,634,000. Massachusetts Financial Services Co. MA raised its position in shares of Plains Group Holdings, L.P. by 82.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,907,764 shares of the pipeline company’s stock worth $90,897,000 after buying an additional 1,311,319 shares in the last quarter. HITE Hedge Asset Management LLC raised its position in shares of Plains Group Holdings, L.P. by 1,710.7% in the first quarter. HITE Hedge Asset Management LLC now owns 1,142,511 shares of the pipeline company’s stock worth $35,715,000 after buying an additional 1,079,413 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Plains Group Holdings, L.P. by 108.7% in the first quarter. Nuveen Asset Management LLC now owns 2,014,680 shares of the pipeline company’s stock worth $62,979,000 after buying an additional 1,049,315 shares in the last quarter. 85.09% 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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