Raymond James Financial, Inc. set a $24.00 price target on Plains Group Holdings, L.P. (NYSE:PAGP) in a research note issued to investors on Wednesday morning. The firm currently has a buy rating on the pipeline company’s stock.

A number of other analysts have also recently commented on the company. Zacks Investment Research cut Plains Group Holdings, L.P. from a hold rating to a strong sell rating in a research report on Thursday, June 22nd. Macquarie reissued an outperform rating and issued a $37.00 price target on shares of Plains Group Holdings, L.P. in a research report on Friday, April 21st. Jefferies Group LLC cut Plains Group Holdings, L.P. from a buy rating to a hold rating and boosted their price target for the stock from $12.00 to $27.00 in a research report on Friday, April 21st. Stifel Nicolaus dropped their price target on Plains Group Holdings, L.P. from $34.00 to $30.00 and set a hold rating on the stock in a research report on Wednesday, May 10th. Finally, Deutsche Bank AG dropped their price target on Plains Group Holdings, L.P. from $40.00 to $35.00 and set a buy rating on the stock in a research report on Tuesday, May 30th. Fourteen analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $28.22.

Plains Group Holdings, L.P. (NYSE:PAGP) traded down 0.28% on Wednesday, hitting $21.09. The stock had a trading volume of 1,737,885 shares. The stock has a 50 day moving average price of $25.83 and a 200 day moving average price of $28.98. Plains Group Holdings, L.P. has a 1-year low of $14.44 and a 1-year high of $36.09. The company’s market cap is $3.23 billion.

Plains Group Holdings, L.P. (NYSE:PAGP) last issued its quarterly earnings results on Monday, August 7th. The pipeline company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by $0.04. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The company had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 22.8% compared to the same quarter last year. On average, equities research analysts expect that Plains Group Holdings, L.P. will post $1.51 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.55 per share. The ex-dividend date is Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a yield of 10.43%. Plains Group Holdings, L.P.’s dividend payout ratio is presently 333.50%.

In related news, Chairman Greg L. Armstrong bought 50,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was acquired at an average cost of $23.41 per share, for a total transaction of $1,170,500.00. Following the purchase, the chairman now owns 650,625 shares in the company, valued at $15,231,131.25. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Everardo Goyanes bought 20,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were bought at an average price of $21.25 per share, with a total value of $425,000.00. Following the completion of the purchase, the director now owns 42,305 shares in the company, valued at approximately $898,981.25. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 120,000 shares of company stock valued at $2,672,000. Company insiders own 39.93% of the company’s stock.

A number of large investors have recently made changes to their positions in PAGP. KCG Holdings Inc. raised its stake in shares of Plains Group Holdings, L.P. by 146.3% in the first quarter. KCG Holdings Inc. now owns 35,104 shares of the pipeline company’s stock worth $1,097,000 after buying an additional 20,851 shares in the last quarter. DnB Asset Management AS raised its stake in shares of Plains Group Holdings, L.P. by 24.7% in the first quarter. DnB Asset Management AS now owns 13,616 shares of the pipeline company’s stock worth $426,000 after buying an additional 2,700 shares in the last quarter. Investment House LLC bought a new stake in shares of Plains Group Holdings, L.P. during the first quarter worth $2,614,000. Hartree Partners LP bought a new stake in shares of Plains Group Holdings, L.P. during the first quarter worth $2,345,000. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Plains Group Holdings, L.P. by 16.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,096,532 shares of the pipeline company’s stock worth $34,278,000 after buying an additional 157,842 shares in the last quarter. Institutional investors and hedge funds own 85.09% of the company’s stock.

About Plains Group Holdings, L.P.

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.

Analyst Recommendations for Plains Group Holdings, L.P. (NYSE:PAGP)

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