Plains GP (NYSE:PAGP) Cut to Strong Sell at ValuEngine

Plains GP (NYSE:PAGP) was downgraded by investment analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report released on Tuesday, May 7th, ValuEngine reports.

A number of other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Wednesday, January 30th. Evercore ISI started coverage on Plains GP in a report on Tuesday, February 5th. They issued a $24.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $28.57.

PAGP traded down $0.21 on Tuesday, reaching $22.52. The company had a trading volume of 2,066,674 shares, compared to its average volume of 1,445,141. The firm has a market capitalization of $3.75 billion, a PE ratio of 10.67 and a beta of 1.20. The company has a quick ratio of 0.90, a current ratio of 1.02 and a debt-to-equity ratio of 0.68. Plains GP has a one year low of $19.17 and a one year high of $27.00.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Tuesday, May 7th. The pipeline company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.49. Plains GP had a net margin of 1.31% and a return on equity of 3.41%. The company had revenue of $8.38 billion during the quarter, compared to analyst estimates of $10.54 billion. During the same quarter last year, the firm posted $0.36 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities analysts expect that Plains GP will post 1.66 EPS for the current year.

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

A number of hedge funds have recently modified their holdings of PAGP. Sound Income Strategies LLC bought a new position in Plains GP in the fourth quarter worth $37,000. Captrust Financial Advisors bought a new position in shares of Plains GP during the fourth quarter valued at $53,000. Squar Milner Financial Services LLC bought a new position in shares of Plains GP during the first quarter valued at $85,000. Cresset Asset Management LLC bought a new position in shares of Plains GP during the first quarter valued at $92,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Plains GP by 550.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,200 shares of the pipeline company’s stock valued at $105,000 after acquiring an additional 4,400 shares during the period. 88.76% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Plains GP (NYSE:PAGP)

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