Raymond James Raises Plains GP (NYSE:PAGP) Price Target to $12.00


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Plains GP (NYSE:PAGP) had its target price hoisted by stock analysts at Raymond James from $9.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. Raymond James’ price objective suggests a potential upside of 11.94% from the company’s current price.

PAGP has been the topic of several other research reports. ValuEngine raised shares of Plains GP from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 1st. Morgan Stanley increased their price target on shares of Plains GP from $8.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, December 11th. Finally, Zacks Investment Research raised shares of Plains GP from a “hold” rating to a “strong-buy” rating and set a $9.75 price target on the stock in a research report on Wednesday, January 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Plains GP presently has a consensus rating of “Buy” and an average price target of $11.78.

Shares of Plains GP stock opened at $10.72 on Thursday. The business has a 50-day moving average of $9.04 and a 200-day moving average of $7.86. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.87 and a quick ratio of 0.69. The company has a market capitalization of $2.01 billion, a PE ratio of -4.44 and a beta of 2.16. Plains GP has a 1-year low of $3.04 and a 1-year high of $19.50.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Monday, November 2nd. The pipeline company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.07). Plains GP had a positive return on equity of 12.00% and a negative net margin of 1.57%. The company had revenue of $5.83 billion for the quarter, compared to the consensus estimate of $6.48 billion. On average, equities analysts expect that Plains GP will post 8.22 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its position in Plains GP by 65.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 13,207,227 shares of the pipeline company’s stock worth $80,432,000 after buying an additional 5,219,029 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Plains GP by 122.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,999,584 shares of the pipeline company’s stock worth $18,267,000 after purchasing an additional 1,650,741 shares in the last quarter. CI Investments Inc. grew its position in Plains GP by 21.8% during the 3rd quarter. CI Investments Inc. now owns 7,330,318 shares of the pipeline company’s stock worth $44,642,000 after purchasing an additional 1,311,631 shares in the last quarter. Blackstone Group Inc grew its position in Plains GP by 86.9% during the 3rd quarter. Blackstone Group Inc now owns 1,917,136 shares of the pipeline company’s stock worth $11,675,000 after purchasing an additional 891,453 shares in the last quarter. Finally, Key Group Holdings Cayman LTD. grew its position in Plains GP by 134.6% during the 3rd quarter. Key Group Holdings Cayman LTD. now owns 1,407,853 shares of the pipeline company’s stock worth $8,574,000 after purchasing an additional 807,853 shares in the last quarter. 80.84% of the stock is currently owned by 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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