StockNews.com Lowers Plains GP (NYSE:PAGP) to Hold

Plains GP (NYSE:PAGP) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

PAGP has been the subject of several other research reports. Scotiabank initiated coverage on Plains GP in a research report on Monday, April 8th. They set a “sector outperform” rating and a $23.00 target price for the company. Stifel Nicolaus upped their price objective on Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. UBS Group lifted their target price on Plains GP from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Wells Fargo & Company upped their price target on shares of Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Barclays lifted their price objective on shares of Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plains GP presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

Plains GP Trading Up 0.1 %

NYSE:PAGP traded up $0.02 during midday trading on Thursday, hitting $18.54. 1,985,058 shares of the company traded hands, compared to its average volume of 2,266,848. The firm has a market capitalization of $3.66 billion, a P/E ratio of 21.07 and a beta of 1.53. The firm’s fifty day moving average is $18.24 and its 200-day moving average is $16.87. Plains GP has a 12-month low of $13.09 and a 12-month high of $19.77. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Plains GP (NYSE:PAGP) last announced its earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.06). Plains GP had a net margin of 0.35% and a return on equity of 1.15%. The firm had revenue of $12.70 billion during the quarter, compared to analysts’ expectations of $12.88 billion. On average, sell-side analysts predict that Plains GP will post 1.05 EPS for the current year.

Hedge Funds Weigh In On Plains GP

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Spire Wealth Management grew its position in shares of Plains GP by 22.0% in the 1st quarter. Spire Wealth Management now owns 3,740 shares of the pipeline company’s stock worth $68,000 after buying an additional 674 shares during the last quarter. Arizona State Retirement System increased its position in shares of Plains GP by 1.4% during the third quarter. Arizona State Retirement System now owns 55,354 shares of the pipeline company’s stock worth $892,000 after purchasing an additional 749 shares in the last quarter. Donoghue Forlines LLC boosted its position in shares of Plains GP by 3.5% in the 4th quarter. Donoghue Forlines LLC now owns 24,937 shares of the pipeline company’s stock worth $398,000 after purchasing an additional 841 shares in the last quarter. ELCO Management Co. LLC increased its position in Plains GP by 5.3% during the 3rd quarter. ELCO Management Co. LLC now owns 19,807 shares of the pipeline company’s stock valued at $319,000 after buying an additional 995 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in Plains GP by 35.9% in the first quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock worth $69,000 after acquiring an additional 1,001 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.