Plains GP (NYSE:PAGP) Downgraded by StockNews.com

StockNews.com lowered shares of Plains GP (NYSE:PAGP) from a buy rating to a hold rating in a research note released on Wednesday.

Separately, Wolfe Research upgraded shares of Plains GP to a “hold” rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.00.

Plains GP Stock Down 1.5 %

NYSE PAGP opened at $17.92 on Wednesday. The business has a fifty day moving average price of $18.73 and a two-hundred day moving average price of $18.65. The stock has a market capitalization of $3.53 billion, a PE ratio of 21.59 and a beta of 1.53. Plains GP has a fifty-two week low of $14.93 and a fifty-two week high of $20.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.00 and a quick ratio of 0.90.

Plains GP (NYSE:PAGP) last released its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.11). The business had revenue of $12.93 billion during the quarter, compared to analyst estimates of $13.70 billion. Plains GP had a net margin of 0.33% and a return on equity of 1.09%. During the same period last year, the business earned $0.25 earnings per share. Equities analysts expect that Plains GP will post 1.19 earnings per share for the current fiscal year.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.3175 dividend. This represents a $1.27 annualized dividend and a yield of 7.09%. The ex-dividend date is Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is currently 153.01%.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently modified their holdings of PAGP. Golden State Equity Partners raised its position in Plains GP by 21.6% during the 3rd quarter. Golden State Equity Partners now owns 12,449 shares of the pipeline company’s stock worth $230,000 after purchasing an additional 2,214 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Plains GP in the third quarter worth approximately $200,000. Inscription Capital LLC boosted its holdings in Plains GP by 4.2% in the third quarter. Inscription Capital LLC now owns 55,029 shares of the pipeline company’s stock valued at $1,018,000 after acquiring an additional 2,201 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Plains GP by 1.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 38,898 shares of the pipeline company’s stock valued at $720,000 after purchasing an additional 717 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Plains GP by 1.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock worth $80,900,000 after purchasing an additional 53,000 shares during the last quarter. Institutional investors and hedge funds 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.