Plains GP (PAGP) Cut to Sell at ValuEngine

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ValuEngine downgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a sell rating in a report published on Wednesday morning.

Other analysts have also recently issued research reports about the company. US Capital Advisors upgraded Plains GP from a hold rating to an overweight rating and set a $30.00 price objective for the company in a research report on Friday, August 24th. Scotiabank reiterated a hold rating and set a $30.00 price objective on shares of Plains GP in a research report on Monday, August 20th. JPMorgan Chase & Co. upped their price objective on Plains GP from $29.00 to $32.00 and gave the company an overweight rating in a research report on Friday, August 24th. Zacks Investment Research upgraded Plains GP from a strong sell rating to a hold rating in a research report on Friday, August 10th. Finally, SunTrust Banks set a $29.00 price objective on Plains GP and gave the company a buy rating in a research report on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $28.64.

Shares of PAGP stock traded down $0.54 during mid-day trading on Wednesday, hitting $22.05. The company’s stock had a trading volume of 1,377,693 shares, compared to its average volume of 1,735,218. Plains GP has a 52-week low of $19.38 and a 52-week high of $27.00. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.75 and a quick ratio of 0.63. The stock has a market capitalization of $3.63 billion, a P/E ratio of 33.92 and a beta of 1.28.

Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, November 6th. The pipeline company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.34. Plains GP had a positive return on equity of 1.44% and a negative net margin of 1.96%. The firm had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $7.37 billion. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue was up 49.7% on a year-over-year basis. As a group, analysts anticipate that Plains GP will post 1.72 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 5.44%. The ex-dividend date is Tuesday, October 30th. Plains GP’s dividend payout ratio is presently 184.62%.

In related news, Director John T. Raymond purchased 25,000 shares of the business’s stock in a transaction on Tuesday, September 25th. The stock was acquired at an average price of $23.40 per share, with a total value of $585,000.00. Following the completion of the acquisition, the director now owns 245,531 shares of the company’s stock, valued at approximately $5,745,425.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.80% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. grew its holdings in Plains GP by 1.0% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 9,366,203 shares of the pipeline company’s stock valued at $229,753,000 after purchasing an additional 92,418 shares during the period. Kayne Anderson Capital Advisors LP boosted its stake in shares of Plains GP by 13.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 7,855,760 shares of the pipeline company’s stock worth $192,689,000 after acquiring an additional 957,705 shares during the period. Chickasaw Capital Management LLC boosted its stake in shares of Plains GP by 4.6% in the third quarter. Chickasaw Capital Management LLC now owns 7,522,308 shares of the pipeline company’s stock worth $184,522,000 after acquiring an additional 330,003 shares during the period. Canyon Capital Advisors LLC boosted its stake in shares of Plains GP by 0.3% in the second quarter. Canyon Capital Advisors LLC now owns 3,128,337 shares of the pipeline company’s stock worth $74,799,000 after acquiring an additional 8,860 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Plains GP by 13.5% in the third quarter. BlackRock Inc. now owns 2,072,398 shares of the pipeline company’s stock worth $50,836,000 after acquiring an additional 246,546 shares during the period. 90.46% of the stock is owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Plains GP (NYSE:PAGP)

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