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

Wolfe Research upgraded shares of Plains GP (NYSE:PAGP) from a peer perform rating to an outperform rating in a research note published on Thursday, Briefing.com Automated Import reports.

PAGP has been the topic of a number of other reports. ValuEngine lowered Plains GP from a sell rating to a strong sell rating in a research note on Tuesday, May 7th. TheStreet lowered Plains GP from a b- rating to a c+ rating in a research note on Thursday, May 9th. Finally, Zacks Investment Research lowered Plains GP from a buy rating to a hold rating in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Plains GP currently has a consensus rating of Buy and a consensus target price of $28.57.

Plains GP stock opened at $24.44 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. Plains GP has a 52 week low of $19.17 and a 52 week high of $27.00. The stock has a market cap of $3.76 billion, a P/E ratio of 11.58 and a beta of 1.14.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.49. Plains GP had a return on equity of 3.41% and a net margin of 1.31%. The firm had revenue of $8.38 billion for the quarter, compared to analyst estimates of $10.54 billion. During the same period last year, the company earned $0.36 EPS. The firm’s quarterly revenue was down .3% on a year-over-year basis. As a group, sell-side analysts forecast that Plains GP will post 2.04 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were paid a $0.36 dividend. This is a positive change from Plains GP’s previous quarterly dividend of $0.30. This represents a $1.44 annualized dividend and a dividend yield of 5.89%. The ex-dividend date of this dividend was Tuesday, April 30th. Plains GP’s payout ratio is currently 68.25%.

In other news, Director Everardo Goyanes sold 20,000 shares of Plains GP stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $24.60, for a total value of $492,000.00. Following the transaction, the director now directly owns 32,305 shares of the company’s stock, valued at approximately $794,703. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Emg Investment, Llc sold 7,328,291 shares of Plains GP stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $23.10, for a total value of $169,283,522.10. The disclosure for this sale can be found here. Insiders own 16.31% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors acquired a new position in Plains GP during the 4th quarter worth approximately $53,000. Squar Milner Financial Services LLC acquired a new position in Plains GP during the 1st quarter worth approximately $85,000. Cresset Asset Management LLC acquired a new position in Plains GP during the 1st quarter worth approximately $92,000. Daiwa Securities Group Inc. lifted its position in Plains GP by 550.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 5,200 shares of the pipeline company’s stock worth $105,000 after acquiring an additional 4,400 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC acquired a new position in Plains GP during the 1st quarter worth approximately $145,000. 88.76% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also: Momentum Indicators

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.