The stock of Plains GP Holdings, L.P. (NYSE:PAGP) is now priced at $7.34 and the shares are 0.03 points up or 0.41% higher compared to its previous closing price of $7.31. The stock had 2.18 million contracts set over the past session. PAGP shares’ daily volume is compared to its average trading volume at 2.968 million shares. However, it has a float of 179 million and although its performance was 1.52% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PAGP share price recently placing at $7.09 to $7.395. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Plains GP Holdings, L.P. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PAGP shares have declined. Short interest in the stock represents just 1.45% of its float, but the volume has dropped by 0.
In the last trading session, Plains GP Holdings, L.P. (NYSE:PAGP) raised by $0.11 over the week and lost -$1.24 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $23.36. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $3.04 at 141.45%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.1. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Plains GP Holdings, L.P.’s two-week RSI is 40.4. This suggests that the stock is neutral at the moment and that PAGP shares’ price movement remains stable. The stochastic readings are equally revealing at 23.94% meaning the PAGP share price is currently in overbought territory.
The technical chart shows that the PAGP stock will likely settle at between $7.46 and $7.58 per share. However, if the stock dips below $7.16, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.97.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities raised their recommendation for PAGP from Underperform to Buy in July 21 review. BofA/Merrill analysts downgraded their recommendation of the stock from Neutral to Underperform in a flash note released to investors on May 18. Credit Suisse seeing the stock struggling downgraded it from Outperform to Neutral on April 02 placing it at $13 to $8.
The average rating for the PAGP equity is 2.28 and is currently gathering a bullish momentum. Of 17 analysts tracking Plains GP Holdings, L.P. polled by Reuters, 4 rated PAGP as a hold. The remaining 13 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PAGP stock price is 6.73X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.1. Plains GP Holdings, L.P. has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Plains GP Holdings, L.P. (NYSE:PAGP) will increase by about 77.43%, which will see them reach $5960 million. The company’s full-year revenues are, however, expected to diminish by about -25.6%, down from $33700 million to $25100 million. PAGP’s expected adjusted earnings should drop almost -31.71% to end up at $0.28 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -129.06% to record -$0.77/share.