Plains GP (NYSE:PAGP) Coverage Initiated at Goldman Sachs Group

Analysts at Goldman Sachs Group initiated coverage on shares of Plains GP (NYSE:PAGP) in a research report issued on Monday, The Fly reports. The brokerage set a “neutral” rating on the pipeline company’s stock.

A number of other brokerages have also recently commented on PAGP. Robert W. Baird raised shares of Plains GP from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $22.00 to $21.00 in a report on Monday, December 2nd. Zacks Investment Research raised shares of Plains GP from a “sell” rating to a “hold” rating in a report on Friday, November 8th. ValuEngine raised shares of Plains GP from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 3rd. Scotiabank began coverage on Plains GP in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 target price on the stock. Finally, Barclays set a $24.00 price target on Plains GP and gave the stock a “hold” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $24.40.

NYSE PAGP opened at $17.35 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.96 and a debt-to-equity ratio of 0.66. The company has a market cap of $3.16 billion, a PE ratio of 8.22 and a beta of 1.16. Plains GP has a 52 week low of $16.99 and a 52 week high of $25.82. The firm’s 50-day simple moving average is $18.50 and its two-hundred day simple moving average is $21.89.

Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. Plains GP had a net margin of 1.39% and a return on equity of 3.30%. The firm had revenue of $7.89 billion during the quarter, compared to the consensus estimate of $8.15 billion. During the same quarter last year, the company earned $0.70 earnings per share. The company’s revenue was down 10.3% on a year-over-year basis. As a group, equities research analysts anticipate that Plains GP will post 2.41 EPS for the current year.

In related news, Director Everardo Goyanes bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average cost of $17.91 per share, for a total transaction of $358,200.00. Following the completion of the transaction, the director now owns 57,305 shares of the company’s stock, valued at $1,026,332.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Willie Cw Chiang bought 60,000 shares of Plains GP stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $17.14 per share, for a total transaction of $1,028,400.00. Following the purchase, the chief executive officer now owns 135,104 shares of the company’s stock, valued at $2,315,682.56. The disclosure for this purchase can be found here. Company insiders own 16.31% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAGP. US Bancorp DE lifted its holdings in shares of Plains GP by 0.8% in the 2nd quarter. US Bancorp DE now owns 72,608 shares of the pipeline company’s stock worth $1,813,000 after acquiring an additional 553 shares during the last quarter. HighTower Advisors LLC raised its position in Plains GP by 0.4% in the 2nd quarter. HighTower Advisors LLC now owns 177,098 shares of the pipeline company’s stock worth $4,422,000 after purchasing an additional 641 shares during the period. Coe Capital Management LLC lifted its stake in shares of Plains GP by 5.8% in the 3rd quarter. Coe Capital Management LLC now owns 14,708 shares of the pipeline company’s stock valued at $312,000 after acquiring an additional 800 shares during the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in Plains GP by 4.2% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 25,024 shares of the pipeline company’s stock valued at $625,000 after acquiring an additional 1,000 shares during the period. Finally, Usca Ria LLC purchased a new stake in Plains GP during the 3rd quarter valued at about $28,000. Institutional investors and hedge funds own 86.41% 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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The Fly

Analyst Recommendations for Plains GP (NYSE:PAGP)

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