StockNews.com Lowers Plains GP (NYSE:PAGP) to Hold

Plains GP (NYSE:PAGPGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Several other brokerages have also commented on PAGP. Barclays increased their price target on shares of Plains GP from $12.00 to $13.00 in a research note on Thursday, January 20th. Sanford C. Bernstein raised shares of Plains GP from a “market perform” rating to an “outperform” rating and set a $14.50 price objective for the company in a report on Tuesday, January 25th. Bank of America increased their price target on shares of Plains GP from $10.50 to $11.00 and gave the company an “underperform” rating in a report on Tuesday, January 18th. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating in a report on Monday, January 10th. Finally, Raymond James reduced their price target on shares of Plains GP from $13.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, February 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.06.

PAGP stock traded up $0.08 on Monday, hitting $12.07. 2,412,463 shares of the company’s stock traded hands, compared to its average volume of 3,196,910. Plains GP has a 1-year low of $9.10 and a 1-year high of $12.95. The stock has a fifty day moving average of $11.54 and a 200-day moving average of $11.18. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 0.59. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 37.72 and a beta of 1.89.

Plains GP (NYSE:PAGPGet Rating) last announced its quarterly earnings results on Wednesday, February 9th. The pipeline company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.21. Plains GP had a net margin of 0.15% and a return on equity of 0.51%. The company had revenue of $12.95 billion for the quarter, compared to analyst estimates of $10.01 billion. On average, equities research analysts anticipate that Plains GP will post 1.43 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in PAGP. Brookfield Asset Management Inc. increased its position in shares of Plains GP by 227.4% during the 3rd quarter. Brookfield Asset Management Inc. now owns 2,939,336 shares of the pipeline company’s stock worth $31,671,000 after purchasing an additional 2,041,651 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Plains GP in the 3rd quarter valued at about $17,974,000. Millennium Management LLC acquired a new stake in Plains GP in the 4th quarter valued at about $14,805,000. Two Sigma Advisers LP increased its position in Plains GP by 225.3% in the 3rd quarter. Two Sigma Advisers LP now owns 2,065,900 shares of the pipeline company’s stock valued at $22,260,000 after acquiring an additional 1,430,900 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Plains GP by 93.3% in the 3rd quarter. Renaissance Technologies LLC now owns 1,474,461 shares of the pipeline company’s stock valued at $15,887,000 after acquiring an additional 711,724 shares in the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

About Plains GP (Get Rating)

Plains GP Holdings, L.P., together with its subsidiaries, owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.

Further Reading

Analyst Recommendations for Plains GP (NYSE:PAGP)

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