Zacks: Brokerages Expect Plains GP Holdings, L.P. (NYSE:PAGP) Will Post Quarterly Sales of $13.64 Billion

Brokerages expect Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) to post $13.64 billion in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Plains GP’s earnings. The highest sales estimate is $13.83 billion and the lowest is $13.44 billion. Plains GP posted sales of $9.93 billion in the same quarter last year, which suggests a positive year over year growth rate of 37.4%. The firm is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Plains GP will report full year sales of $50.61 billion for the current year, with estimates ranging from $39.96 billion to $56.29 billion. For the next year, analysts anticipate that the business will report sales of $70.04 billion, with estimates ranging from $42.83 billion to $106.88 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Plains GP.

Several analysts have issued reports on the stock. Sanford C. Bernstein raised shares of Plains GP from a “market perform” rating to an “outperform” rating and set a $14.50 price objective for the company in a research report on Tuesday, January 25th. Raymond James raised their price objective on Plains GP from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 20th. Zacks Investment Research cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Wednesday, April 13th. Credit Suisse Group upgraded shares of Plains GP from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $13.00 to $14.00 in a research note on Thursday, May 12th. Finally, Morgan Stanley lifted their price objective on shares of Plains GP from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, April 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and an average target price of $13.50.

A number of large investors have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC grew its stake in Plains GP by 3.2% during the 1st quarter. Chicago Partners Investment Group LLC now owns 70,338 shares of the pipeline company’s stock valued at $813,000 after acquiring an additional 2,200 shares in the last quarter. Cowa LLC lifted its holdings in shares of Plains GP by 62.2% during the 1st quarter. Cowa LLC now owns 28,812 shares of the pipeline company’s stock valued at $333,000 after buying an additional 11,048 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Plains GP by 6.8% during the 1st quarter. Royal Bank of Canada now owns 163,607 shares of the pipeline company’s stock valued at $1,891,000 after buying an additional 10,418 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Plains GP in the 1st quarter worth approximately $969,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Plains GP by 60.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 1,300 shares during the last quarter. 90.45% of the stock is currently owned by institutional investors.

Shares of PAGP stock traded up $0.43 during trading hours on Friday, hitting $11.76. 2,243,298 shares of the company were exchanged, compared to its average volume of 3,142,276. The firm has a market cap of $2.28 billion, a PE ratio of 161.86 and a beta of 1.76. Plains GP has a 1 year low of $9.24 and a 1 year high of $12.95. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average of $11.59 and a 200 day moving average of $11.20.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were paid a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a yield of 7.40%. The ex-dividend date of this dividend was Thursday, April 28th. This is a boost from Plains GP’s previous quarterly dividend of $0.18. Plains GP’s payout ratio is 1,242.86%.

About Plains GP (Get Rating)

Plains GP Holdings, L.P., together with its subsidiaries, owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.

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