Plains GP Holdings LP (NYSE:PAGP) stock is rallying big today, making up for its downward spiral over the past month and a half. Shares are up 17% since hitting a 52-week low on Monday.
This is quite intriguing, especially since Credit Suisse just lowered their price target for Plains GP Holdings LP (NYSE:PAGP) from $20 per share to just $13 per share on Monday, although the consensus price target still is quite high at $18.69 per share.
It should be interesting to follow this stock as the day goes on and see where it ends up closing on Thursday, leading up to the holiday weekend. The stock is up 14.25% or $1.08 following the news, hitting $8.66 per share. About 5.86 million shares traded hands or up 9.12% from the average. PAGP has declined 74.16% since May 19, 2015 and is currently downtrending. It has underperformed the S&P500 by 71.90%.
From a total of 11 analysts covering Plains GP Holdings LP (NYSE:PAGP) stock, 7 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 64% of the ratings are positive. The highest target price is $29 while the lowest target price is $10. The mean of all analyst targets is $20.45 which is 136.14% above today’s ($8.66) stock price. Plains GP Holdings LP was the topic of 14 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Wunderlich maintained shares on December 14 with a “Hold” rating. Citigroup upgraded shares to a”Buy” rating and a $21 target share price in their report from an August 7. Stifel Nicolaus maintained PAGP stock in a recent report from November 5 with a “Buy” rating. Goldman Sachs downgraded the rating on August 6. Goldman Sachs has a “Neutral” rating and a $21 price target on shares. Finally, Howard Weil initiated the stock with a “Sector Perform” rating in a report they issued on an August 24.
The institutional sentiment decreased to 0.94 in Q2 2015. It’s down 0.37, from 1.31 in 2015Q2. The ratio is negative, as 48 funds sold all their Plains GP Holdings LP shares they owned while 67 reduced their positions. 25 funds bought stakes while 83 increased their total positions. Institutions now own 208.59 million shares which is 0.66% more than the previous share count of 207.21 million in 2015Q2.
Zimmer Partners Lp holds 8.36% of its total portfolio in Plains GP Holdings LP, equating to 6.28 million shares. Salient Capital Advisors Llc owns 11.64 million shares representing 4.95% of their total US portfolio. Moreover, Rr Advisors Llc has 4.07% of their total portfolio invested in the company, equating to 1.43 million shares. The Texas-based Eagle Global Advisors Llc has a total of 3.54% of their portfolio invested in the stock. Partners Group Holding Ag, a Switzerland-based fund reported 517,200 shares owned.
Plains GP Holdings, L.P. , owns an interest in the general partner and incentive distribution rights of Plains All American Pipeline, L.P (PAA). The company has a market cap of $4.82 billion. The Firm has no separate operating activities apart from those conducted by PAA. It has 15.25 P/E ratio. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.