Plains GP (PAGP) Rating Increased to Buy at Zacks Investment Research

Plains GP (NYSE:PAGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $27.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.68% from the stock’s current price.

According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “

A number of other research firms have also recently commented on PAGP. US Capital Advisors raised Plains GP from a “hold” rating to an “overweight” rating and set a $30.00 target price on the stock in a research note on Friday, August 24th. Scotiabank restated a “hold” rating and set a $30.00 price target on shares of Plains GP in a research report on Monday, August 20th. JPMorgan Chase & Co. upped their price target on shares of Plains GP from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Friday, August 24th. SunTrust Banks set a $29.00 price target on shares of Plains GP and gave the company a “buy” rating in a research report on Wednesday, August 8th. Finally, ValuEngine upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $28.13.

Plains GP stock opened at $23.34 on Tuesday. The firm has a market capitalization of $3.74 billion, a PE ratio of 35.91 and a beta of 1.25. Plains GP has a fifty-two week low of $18.98 and a fifty-two week high of $27.00. The company has a current ratio of 0.75, a quick ratio of 0.63 and a debt-to-equity ratio of 0.73.

Plains GP (NYSE:PAGP) last released its quarterly earnings results on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.17). The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.71 billion. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. sell-side analysts anticipate that Plains GP will post 1.1 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Toronto Dominion Bank increased its stake in shares of Plains GP by 47.6% during the second quarter. Toronto Dominion Bank now owns 14,865 shares of the pipeline company’s stock valued at $355,000 after purchasing an additional 4,795 shares in the last quarter. Franklin Square Holdings L.P. increased its stake in shares of Plains GP by 58.8% during the second quarter. Franklin Square Holdings L.P. now owns 63,720 shares of the pipeline company’s stock valued at $1,524,000 after purchasing an additional 23,600 shares in the last quarter. Millennium Management LLC increased its stake in shares of Plains GP by 53.2% during the first quarter. Millennium Management LLC now owns 4,272,725 shares of the pipeline company’s stock valued at $92,932,000 after purchasing an additional 1,483,681 shares in the last quarter. Worldquant Millennium Quantitative Strategies LLC bought a new position in shares of Plains GP during the second quarter valued at approximately $10,333,000. Finally, Swiss National Bank increased its stake in shares of Plains GP by 4.3% during the second quarter. Swiss National Bank now owns 486,715 shares of the pipeline company’s stock valued at $11,637,000 after purchasing an additional 19,900 shares in the last quarter. Institutional investors and hedge funds own 89.44% of the company’s stock.

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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