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Plains GP (NYSE:PAGP) shares gap as low as $11.84


Plains GP Holdings, LP (NYSE:PAGP – Get Rating) stock price rose ahead of Wednesday trading. The stock had previously closed at $11.84 but opened at $12.61. Plains GP shares were last traded at $12.70 on volume of 15,011 shares changing hands.

Changes in analyst ratings

A number of equity analysts recently covered the stock. Stifel Nicolaus upgraded Plains GP to a buy rating from a ‘hold’ rating and raised its price target on the company from $14.00 to $16.00 in a research report on Sunday, August. raised th. Credit Suisse Group upgraded shares of Plains GP to a rating of “outperform” from a “neutral” rating and raised its price target on the company to $14.00 from $13.00 in a research report on Thursday, May. raised th. Bank of America upgraded shares of Plains GP to a neutral rating from a rating of underperform and placed a price target of $12.00 on the stock in a research report on Tuesday, July. Barclays raised its target price on Plains GP shares to $13.00 from $12.00 and rated the company at “equal weight” in a research report on Tuesday, August 16. Finally, in a research report on Monday, August 1, Wolfe Research downgraded shares of Plains GP from an outperform rating to a market perform rating. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Plains GP currently has an average rating of “Moderate Buy” and a consensus target of $14.50.

Plains GP stock up 0.2%

The company has a debt to equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 0.97. The company’s 50-day moving average is $10.96 and its 200-day moving average is $11.38. The company has a market cap of $2.50 billion, a P/E of 22.22 and a beta of 1.71.

Plains GP (NYSE:PAGP – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The pipeline company reported $0.16 per share for the quarter, missing the consensus estimate of $0.19 ($0.03). Plains GP had a return on equity of 0.85% and a net margin of 0.21%. The company made $16.36 billion in revenue for the quarter, compared to analysts’ expectations of $13.55 billion. As a group, research analysts are forecasting that Plains GP Holdings, LP will report earnings per share of 0.88 for the current fiscal year.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record were paid a dividend of $0.2175 on Friday July 29th. That translates to an annualized dividend of $0.87 and a yield of 6.75%. The ex-dividend date was Thursday July 28th. Plains GP’s RTP is 150.00%.

Insider activity at Plains GP

In related news, Director Ellen Desanctis acquired 10,000 shares of the company’s stock in a transaction on Friday, August 19. The stock was purchased at an average price of $11.98 per share for a total value of $119,800.00. Following the purchase, the director now directly owns 10,000 shares of the company, valued at approximately $119,800. The purchase was disclosed in a filing with the SEC, which can be accessed at this hyperlink. 9.62% of the shares are currently owned by company insiders.

Institutional inflows and outflows

A number of institutional investors and hedge funds have recently changed their stock holdings. Beach Investment Counsel Inc. PA increased its stake in Plains GP by 32.0% during the second quarter. Beach Investment Counsel Inc. PA now owns 21,902 shares of the pipeline company valued at $226,000 after purchasing an additional 5,315 shares last quarter. ExodusPoint Capital Management LP increased its stake in Plains GP by 28.8% during the second quarter. ExodusPoint Capital Management LP now owns 91,282 shares of the pipeline company, valued at $942,000, after purchasing an additional 20,396 shares last quarter. Atlas Capital Advisors LLC increased its holding in Plains GP stock by 407.9% during the second quarter. Atlas Capital Advisors LLC now owns 7,619 shares of the pipeline company, valued at $79,000, having purchased an additional 6,119 shares during the period. Thrivent Financial for Lutherans acquired a new interest in Plains GP stock valued at approximately $793,000 during the second quarter. Finally, Prudential Financial Inc. increased its holdings of Plains GP stock by 7.0% during the second quarter. Prudential Financial Inc. now owns 17,365 shares of the pipeline company, valued at $179,000, after purchasing an additional 1,137 shares during the period. Institutional investors and hedge funds own 90.45% of the company’s shares.

About Plains GP

(get rating)

Plains GP Holdings, LP, through its subsidiary Plains All American Pipeline, LP, owns and operates midstream energy infrastructure in the United States and Canada. The Company operates through two segments: Crude Oil and Natural Gas Liquids (NGLs). The Company is engaged in the transportation of crude oil and NGLs via pipelines, gathering systems and trucks.

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