Investment analysts at Evercore ISI started coverage on shares of Plains GP (NYSE:PAGP) in a research report issued to clients and investors on Tuesday, February 5th, The Fly reports. The brokerage set a $24.00 price target on the pipeline company’s stock. Evercore ISI’s target price indicates a potential upside of 2.92% from the company’s current price.
A number of other equities research analysts also recently weighed in on PAGP. ValuEngine raised shares of Plains GP from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Zacks Investment Research cut shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Wednesday, January 30th. Goldman Sachs Group raised shares of Plains GP from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 2nd. Jefferies Financial Group raised shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. Finally, Morgan Stanley boosted their target price on shares of Plains GP from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, November 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. Plains GP currently has a consensus rating of “Buy” and an average target price of $28.60.
PAGP stock traded up $0.13 during trading on Tuesday, hitting $23.32. 2,435,708 shares of the company’s stock traded hands, compared to its average volume of 1,440,565. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 11.05 and a beta of 1.26. Plains GP has a 1 year low of $19.17 and a 1 year high of $27.00. The company has a quick ratio of 0.71, a current ratio of 0.89 and a debt-to-equity ratio of 0.72.
Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, February 5th. The pipeline company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.61. The firm had revenue of $8.79 billion for the quarter, compared to analyst estimates of $10.52 billion. Plains GP had a net margin of 0.98% and a return on equity of 2.69%. Plains GP’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the business posted ($5.16) earnings per share. Analysts anticipate that Plains GP will post 1.54 EPS for the current fiscal year.
In other news, Director Oscar K. Brown bought 4,400 shares of the stock in a transaction on Thursday, December 27th. The stock was acquired at an average price of $19.54 per share, with a total value of $85,976.00. Following the acquisition, the director now directly owns 11,000 shares in the company, valued at $214,940. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.80% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Capital International Investors purchased a new position in shares of Plains GP in the third quarter worth about $158,475,000. Energy Income Partners LLC purchased a new stake in Plains GP during the 4th quarter valued at $81,279,000. Cohen & Steers Inc. increased its stake in shares of Plains GP by 296.3% in the 4th quarter. Cohen & Steers Inc. now owns 4,917,057 shares of the pipeline company’s stock worth $98,833,000 after purchasing an additional 3,676,379 shares in the last quarter. PointState Capital LP increased its stake in shares of Plains GP by 137.0% in the 3rd quarter. PointState Capital LP now owns 3,557,616 shares of the pipeline company’s stock worth $87,268,000 after purchasing an additional 2,056,356 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of Plains GP by 148.1% in the 3rd quarter. Clearbridge Investments LLC now owns 2,861,825 shares of the pipeline company’s stock worth $70,201,000 after purchasing an additional 1,708,217 shares in the last quarter. 85.99% of the stock is owned by institutional investors.
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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