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

ValuEngine upgraded shares of Plains GP (NYSE:PAGP) from a strong sell rating to a sell rating in a research report released on Tuesday morning, ValuEngine reports.

Several other brokerages also recently commented on PAGP. Barclays set a $24.00 price objective on Plains GP and gave the stock a hold rating in a research note on Tuesday, October 15th. Zacks Investment Research upgraded Plains GP from a sell rating to a hold rating in a report on Friday, November 8th. Robert W. Baird raised Plains GP from a neutral rating to an outperform rating and lowered their price target for the company from $22.00 to $21.00 in a research report on Monday. Finally, Scotiabank assumed coverage on shares of Plains GP in a report on Tuesday, September 3rd. They issued an outperform rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $24.40.

NYSE:PAGP opened at $16.99 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.96 and a quick ratio of 0.79. The firm has a 50-day moving average of $18.63 and a 200-day moving average of $22.00. The company has a market cap of $3.18 billion, a PE ratio of 8.05 and a beta of 1.16. Plains GP has a one year low of $16.99 and a one year high of $25.82.

Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.06. The business had revenue of $7.89 billion for the quarter, compared to analysts’ expectations of $8.15 billion. Plains GP had a net margin of 1.39% and a return on equity of 3.30%. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 EPS. On average, equities research analysts expect that Plains GP will post 2.41 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 8.48%. The ex-dividend date of this dividend was Wednesday, October 30th. Plains GP’s dividend payout ratio is presently 68.25%.

In related news, CEO Willie Cw Chiang purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price 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 approximately $2,315,682.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Everardo Goyanes acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $17.91 per share, for a total transaction of $358,200.00. Following the purchase, the director now owns 57,305 shares of the company’s stock, valued at approximately $1,026,332.55. The disclosure for this purchase can be found here. Insiders own 16.31% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC increased its stake in shares of 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 worth $111,365,000 after purchasing an additional 2,898,578 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Plains GP by 9,160.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,841,232 shares of the pipeline company’s stock worth $45,975,000 after buying an additional 1,821,350 shares during the period. Teacher Retirement System of Texas grew its stake in Plains GP by 5,977.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 1,579,399 shares of the pipeline company’s stock valued at $33,531,000 after buying an additional 1,553,413 shares in the last quarter. Invesco Ltd. grew its stake in Plains GP by 2,027.3% in the 2nd quarter. Invesco Ltd. now owns 1,533,733 shares of the pipeline company’s stock valued at $38,298,000 after buying an additional 1,461,634 shares in the last quarter. Finally, Morningstar Investment Services LLC purchased a new position in Plains GP in the 2nd quarter valued at approximately $18,877,000. 86.41% of the stock is owned by institutional investors and hedge funds.

About Plains GP

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.

Further Reading: Return on Equity (ROE)

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

Analyst Recommendations for Plains GP (NYSE:PAGP)

Receive News & Ratings for Plains GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP and related companies with MarketBeat.com's FREE daily email newsletter.