Plains GP (NYSE:PAGP) Upgraded to Sell at ValuEngine

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Plains GP (NYSE:PAGP) was upgraded by ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued to investors on Tuesday, ValuEngine reports.

Several other analysts have also weighed in on PAGP. Robert W. Baird raised shares of Plains GP from a “neutral” rating to an “outperform” rating and dropped their price objective for the stock from $22.00 to $21.00 in a report on Monday. Barclays set a $24.00 price objective on shares of Plains GP and gave the stock a “hold” rating in a report on Tuesday, October 15th. Zacks Investment Research raised shares of Plains GP from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Scotiabank started coverage on shares of Plains GP in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $28.00 price target for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.40.

NYSE PAGP opened at $17.38 on Tuesday. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 8.24 and a beta of 1.16. The company has a 50 day moving average of $18.69 and a 200-day moving average of $22.04. The company has a current ratio of 0.96, a quick ratio of 0.79 and a debt-to-equity ratio of 0.66. Plains GP has a 1-year low of $17.00 and a 1-year high of $25.82.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.06. The company had revenue of $7.89 billion during the quarter, compared to analyst estimates of $8.15 billion. Plains GP had a net margin of 1.39% and a return on equity of 3.30%. The company’s revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the business posted $0.70 earnings per share. On average, analysts forecast that Plains GP will post 2.41 earnings per share for the current year.

In related news, Director Everardo Goyanes purchased 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average price of $17.91 per share, with a total value of $358,200.00. Following the completion of the acquisition, the director now directly owns 57,305 shares in the company, valued at approximately $1,026,332.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Willie Cw Chiang purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average cost of $17.14 per share, with a total value of $1,028,400.00. Following the acquisition, 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.

Institutional investors have recently modified their holdings of the stock. Kayne Anderson Capital Advisors LP boosted its stake in Plains GP by 1.9% in the second quarter. Kayne Anderson Capital Advisors LP now owns 7,216,719 shares of the pipeline company’s stock valued at $180,191,000 after acquiring an additional 136,000 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Plains GP by 1.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,603,282 shares of the pipeline company’s stock valued at $118,958,000 after acquiring an additional 99,355 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Plains GP by 123.5% in the third quarter. CIBC Private Wealth Group LLC now owns 5,245,709 shares of the pipeline company’s stock valued at $111,365,000 after acquiring an additional 2,898,578 shares during the last quarter. Energy Income Partners LLC boosted its stake in Plains GP by 4.9% in the second quarter. Energy Income Partners LLC now owns 5,229,460 shares of the pipeline company’s stock valued at $130,580,000 after acquiring an additional 243,152 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in Plains GP by 1.6% in the second quarter. UBS Asset Management Americas Inc. now owns 2,856,703 shares of the pipeline company’s stock valued at $71,332,000 after acquiring an additional 45,432 shares during the last quarter. 86.41% 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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Analyst Recommendations for Plains GP (NYSE:PAGP)

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