Robert W. Baird Upgrades Plains GP (NYSE:PAGP) to “Outperform”

Robert W. Baird upgraded shares of Plains GP (NYSE:PAGP) from a neutral rating to an outperform rating in a research note released on Monday morning, Benzinga reports. They currently have $21.00 price target on the pipeline company’s stock, down from their previous price target of $22.00.

Several other brokerages have also commented on PAGP. Barclays set a $24.00 price target on shares of Plains GP and gave the company a hold rating in a research note on Tuesday, October 15th. ValuEngine downgraded Plains GP from a sell rating to a strong sell rating in a research report on Friday, November 1st. Zacks Investment Research raised Plains GP from a sell rating to a hold rating in a report on Friday, November 8th. Finally, Scotiabank started coverage on Plains GP in a report on Tuesday, September 3rd. They issued an outperform rating and a $28.00 price objective 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 stock has an average rating of Buy and a consensus target price of $24.40.

Shares of Plains GP stock traded up $0.32 during trading on Monday, hitting $17.41. 1,543,315 shares of the stock were exchanged, compared to its average volume of 1,760,875. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.79 and a current ratio of 0.96. Plains GP has a 12 month low of $16.99 and a 12 month high of $25.82. The stock’s fifty day moving average is $18.55 and its 200 day moving average is $21.92. The stock has a market cap of $3.09 billion, a PE ratio of 8.25 and a beta of 1.16.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data 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 firm had revenue of $7.89 billion for the quarter, compared to the consensus estimate of $8.15 billion. Plains GP had a net margin of 1.39% and a return on equity of 3.30%. Plains GP’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS. Sell-side analysts anticipate that Plains GP will post 2.41 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 8.27%. The ex-dividend date was Wednesday, October 30th. Plains GP’s payout ratio is currently 68.25%.

In other news, CEO Willie Cw Chiang bought 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $17.14 per share, with a total value of $1,028,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 135,104 shares in the company, valued at $2,315,682.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Everardo Goyanes bought 20,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was purchased at an average price of $17.91 per share, with a total value of $358,200.00. Following the completion of the transaction, the director now directly owns 57,305 shares of the company’s stock, valued at $1,026,332.55. The disclosure for this purchase can be found here. Corporate insiders own 16.31% of the company’s stock.

Hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC boosted its stake in Plains GP by 123.5% during the third quarter. CIBC Private Wealth Group LLC now owns 5,245,709 shares of the pipeline company’s stock valued at $111,365,000 after buying an additional 2,898,578 shares in the last quarter. Nuveen Asset Management LLC lifted 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 valued at $45,975,000 after acquiring an additional 1,821,350 shares during the last quarter. Teacher Retirement System of Texas boosted its position in shares of Plains GP by 5,977.9% during 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 purchasing an additional 1,553,413 shares in the last quarter. Invesco Ltd. boosted its position in shares of Plains GP by 2,027.3% during the 2nd quarter. Invesco Ltd. now owns 1,533,733 shares of the pipeline company’s stock valued at $38,298,000 after purchasing an additional 1,461,634 shares in the last quarter. Finally, Morningstar Investment Services LLC acquired a new position in shares of Plains GP in the 2nd quarter worth approximately $18,877,000. Institutional investors own 86.41% 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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