Plains GP (NYSE:PAGP) Raised to “Outperform” at Wolfe Research

Plains GP (NYSE:PAGP) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Thursday, Marketbeat Ratings reports.

A number of other brokerages have also recently issued reports on PAGP. Zacks Investment Research cut shares of Plains GP from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. TheStreet upgraded shares of Plains GP from a “c” rating to a “b-” rating in a research report on Friday, April 5th. Finally, ValuEngine upgraded shares of Plains GP from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $28.57.

Shares of NYSE PAGP opened at $24.23 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.02 and a quick ratio of 0.90. The firm has a market capitalization of $3.80 billion, a PE ratio of 11.48 and a beta of 1.14. Plains GP has a 1 year low of $19.17 and a 1 year high of $27.00.

Plains GP (NYSE:PAGP) last announced its quarterly earnings data on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.49. The firm had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $10.54 billion. Plains GP had a net margin of 1.31% and a return on equity of 3.41%. The company’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share. As a group, research analysts predict that Plains GP will post 2.04 earnings per share for the current fiscal year.

In related news, insider Emg Investment, Llc sold 7,328,291 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $23.10, for a total transaction of $169,283,522.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Everardo Goyanes sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total transaction of $492,000.00. Following the transaction, the director now owns 32,305 shares of the company’s stock, valued at approximately $794,703. The disclosure for this sale can be found here. 16.31% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. bought a new stake in shares of Plains GP in the 1st quarter worth about $227,000. Clearbridge Investments LLC lifted its holdings in shares of Plains GP by 4.8% in the 1st quarter. Clearbridge Investments LLC now owns 2,895,781 shares of the pipeline company’s stock worth $72,163,000 after acquiring an additional 131,999 shares during the last quarter. GYL Financial Synergies LLC bought a new stake in shares of Plains GP in the 1st quarter worth about $485,000. Advisory Services Network LLC lifted its holdings in shares of Plains GP by 38.3% in the 1st quarter. Advisory Services Network LLC now owns 26,192 shares of the pipeline company’s stock worth $653,000 after acquiring an additional 7,253 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Plains GP by 39.9% in the 1st quarter. Morgan Stanley now owns 1,768,064 shares of the pipeline company’s stock worth $44,060,000 after acquiring an additional 504,458 shares during the last quarter. Institutional investors and hedge funds own 88.76% 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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Analyst Recommendations for Plains GP (NYSE:PAGP)

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