Plains GP (NYSE:PAGP) Price Target Raised to $21.00

Plains GP (NYSE:PAGP) had its price target lifted by Wells Fargo & Company from $20.00 to $21.00 in a research report released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the pipeline company’s stock.

PAGP has been the subject of several other research reports. Morgan Stanley lifted their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. Raymond James Financial decreased their target price on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Friday, October 24th. Barclays upped their target price on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday. Zacks Research lowered Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Bank of America lowered shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Plains GP has a consensus rating of “Hold” and an average price target of $20.63.

Plains GP Stock Up 1.5%

NYSE:PAGP opened at $21.18 on Monday. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 39.96 and a beta of 0.57. Plains GP has a twelve month low of $16.60 and a twelve month high of $21.97. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a fifty day simple moving average of $19.72 and a 200-day simple moving average of $18.80.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be issued a $0.4175 dividend. The ex-dividend date is Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a yield of 7.9%. Plains GP’s payout ratio is currently 129.46%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Cibc World Market Inc. lifted its position in Plains GP by 3.8% during the third quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock valued at $296,000 after acquiring an additional 597 shares during the last quarter. Kesler Norman & Wride LLC increased its position in shares of Plains GP by 1.3% during the second quarter. Kesler Norman & Wride LLC now owns 48,882 shares of the pipeline company’s stock worth $950,000 after purchasing an additional 618 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in shares of Plains GP by 0.8% during the 3rd quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company’s stock valued at $1,384,000 after purchasing an additional 631 shares during the last quarter. CWM LLC lifted its holdings in shares of Plains GP by 8.5% during the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after purchasing an additional 636 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 645 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.