Investing

Citigroup Downgrades Plains GP Holdings

George Maybach

Published: September 7, 2023 10:31 pm

Fintel reports that on September 6, 2023, Citigroup downgraded their outlook for Plains GP Holdings LP – (NASDAQ:PAGP) from Buy to Neutral.

Analyst Price Forecast Suggests 13.13% Upside

As of August 31, 2023, the average one-year price target for Plains GP Holdings LP – is 17.64. The forecasts range from a low of 14.14 to a high of $23.10. The average price target represents an increase of 13.13% from its latest reported closing price of 15.59.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Plains GP Holdings LP – is 64,388MM, an increase of 25.68%. The projected annual non-GAAP EPS is 1.09.

What is the Fund Sentiment?

There are 366 funds or institutions reporting positions in Plains GP Holdings LP -. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to PAGP is 0.85%, an increase of 1.06%. Total shares owned by institutions decreased in the last three months by 0.50% to 232,831K shares. The put/call ratio of PAGP is 0.25, indicating a bullish outlook.

What are Other Shareholders Doing?

Energy Income Partners holds 13,207K shares representing 6.74% ownership of the company. In it’s prior filing, the firm reported owning 13,401K shares, representing a decrease of 1.47%. The firm increased its portfolio allocation in PAGP by 6.69% over the last quarter.

Tortoise Capital Advisors, L.l.c. holds 12,997K shares representing 6.63% ownership of the company. In it’s prior filing, the firm reported owning 12,256K shares, representing an increase of 5.70%. The firm increased its portfolio allocation in PAGP by 21.81% over the last quarter.

Massachusetts Financial Services holds 12,849K shares representing 6.56% ownership of the company. In it’s prior filing, the firm reported owning 12,839K shares, representing an increase of 0.08%. The firm increased its portfolio allocation in PAGP by 8.94% over the last quarter.

EMLP – First Trust North American Energy Infrastructure Fund holds 10,186K shares representing 5.20% ownership of the company. In it’s prior filing, the firm reported owning 8,062K shares, representing an increase of 20.85%. The firm increased its portfolio allocation in PAGP by 37.83% over the last quarter.

Goldman Sachs Group holds 10,104K shares representing 5.16% ownership of the company. In it’s prior filing, the firm reported owning 9,759K shares, representing an increase of 3.41%. The firm increased its portfolio allocation in PAGP by 280.39% over the last quarter.

Plains GP Holdings Background Information
(This description is provided by the company.)

Plains GP Holdings is a publicly traded entity that owns a non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas.

This article originally appeared on Fintel