Plains GP (PAGP) Lowered to “Hold” at Zacks Investment Research

Plains GP (NYSE:PAGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “

Other research analysts also recently issued reports about the company. TheStreet raised Plains GP from a “c” rating to a “b-” rating in a report on Friday, April 5th. ValuEngine downgraded Plains GP from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Evercore ISI began coverage on Plains GP in a report on Tuesday, February 5th. They issued a $24.00 target price on the stock. Goldman Sachs Group raised Plains GP from a “neutral” rating to a “buy” rating in a report on Wednesday, January 2nd. Finally, Jefferies Financial Group raised Plains GP from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $28.57.

Shares of PAGP opened at $24.15 on Friday. The company has a market capitalization of $3.85 billion, a PE ratio of 11.45 and a beta of 1.23. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.84 and a current ratio of 1.02. Plains GP has a one year low of $19.17 and a one year high of $27.00.

Plains GP (NYSE:PAGP) last announced its earnings results on Tuesday, February 5th. The pipeline company reported $1.12 EPS for the quarter, topping the consensus estimate of $0.51 by $0.61. The business had revenue of $8.79 billion for the quarter, compared to the consensus estimate of $10.52 billion. Plains GP had a return on equity of 2.64% and a net margin of 0.98%. Plains GP’s revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($5.16) EPS. On average, sell-side analysts expect that Plains GP will post 1.54 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of PAGP. Energy Income Partners LLC bought a new position in Plains GP in the fourth quarter valued at approximately $81,279,000. Cohen & Steers Inc. increased its stake in Plains GP by 296.3% in the fourth quarter. Cohen & Steers Inc. now owns 4,917,057 shares of the pipeline company’s stock valued at $98,833,000 after acquiring an additional 3,676,379 shares during the last quarter. Clearbridge Investments LLC increased its stake in Plains GP by 148.1% in the third quarter. Clearbridge Investments LLC now owns 2,861,825 shares of the pipeline company’s stock valued at $70,201,000 after acquiring an additional 1,708,217 shares during the last quarter. APG Asset Management N.V. increased its stake in Plains GP by 203.7% in the fourth quarter. APG Asset Management N.V. now owns 1,581,500 shares of the pipeline company’s stock valued at $27,808,000 after acquiring an additional 1,060,836 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its stake in Plains GP by 8.3% in the first quarter. Chickasaw Capital Management LLC now owns 8,011,666 shares of the pipeline company’s stock valued at $199,651,000 after acquiring an additional 610,930 shares during the last quarter. Institutional investors and hedge funds own 85.46% 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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