Zacks Investment Research cut shares of Plains GP (NYSE:PAGP) from a buy rating to a hold rating in a research note released on Saturday.

According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “

Several other research analysts also recently weighed in on PAGP. BMO Capital Markets reiterated a buy rating and set a $27.00 price target on shares of Plains GP in a research note on Friday, July 13th. ValuEngine downgraded Plains GP from a hold rating to a sell rating in a research note on Friday, June 29th. Stifel Nicolaus increased their price target on Plains GP from $24.00 to $26.00 and gave the stock a hold rating in a research note on Wednesday, August 8th. Sanford C. Bernstein downgraded Plains GP from an outperform rating to a market perform rating in a research note on Monday, June 18th. Finally, Bank of America upgraded Plains GP from a neutral rating to a buy rating and increased their price target for the stock from $26.00 to $30.00 in a research note on Tuesday, September 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Plains GP presently has a consensus rating of Buy and an average target price of $28.13.

PAGP stock opened at $23.65 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.75 and a debt-to-equity ratio of 0.73. The firm has a market cap of $3.81 billion, a PE ratio of 36.38 and a beta of 1.25. Plains GP has a fifty-two week low of $18.98 and a fifty-two week high of $27.00.

Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.17). The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.71 billion. Plains GP had a positive return on equity of 0.57% and a negative net margin of 2.51%. equities analysts forecast that Plains GP will post 1.1 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Icon Wealth Partners LLC lifted its holdings in Plains GP by 50.4% during the 2nd quarter. Icon Wealth Partners LLC now owns 7,093 shares of the pipeline company’s stock worth $170,000 after purchasing an additional 2,378 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Plains GP during the 2nd quarter worth about $175,000. Linscomb & Williams Inc. purchased a new stake in Plains GP during the 2nd quarter worth about $179,000. MHI Funds LLC purchased a new stake in Plains GP during the 2nd quarter worth about $208,000. Finally, Mackay Shields LLC purchased a new stake in Plains GP during the 2nd quarter worth about $227,000. 89.44% of the stock is currently owned by institutional investors and hedge funds.

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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