Stifel Nicolaus upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a buy rating in a report issued on Tuesday morning, MarketBeat reports. They currently have $24.00 target price on the pipeline company’s stock.
A number of other analysts also recently issued reports on PAGP. ValuEngine downgraded shares of Plains GP from a hold rating to a sell rating in a report on Thursday, February 8th. Barclays downgraded shares of Plains GP from an overweight rating to an equal weight rating and set a $26.00 price objective for the company. in a report on Wednesday, January 17th. Bank of America lowered their price target on shares of Plains GP from $24.00 to $23.00 and set a neutral rating for the company in a research note on Thursday, February 8th. Seaport Global Securities raised shares of Plains GP from a neutral rating to a buy rating in a research note on Tuesday, February 20th. Finally, Robert W. Baird set a $22.00 price target on shares of Plains GP and gave the stock a hold rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $26.00.
Shares of Plains GP (NYSE:PAGP) opened at $21.97 on Tuesday. Plains GP has a fifty-two week low of $18.98 and a fifty-two week high of $32.24. The company has a current ratio of 0.88, a quick ratio of 0.73 and a debt-to-equity ratio of 0.74. The stock has a market cap of $6,340.00, a price-to-earnings ratio of 32.79 and a beta of 1.35.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date was Tuesday, January 30th. Plains GP’s payout ratio is 179.10%.
In other news, Director Oscar K. Brown acquired 7,100 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $22.51 per share, for a total transaction of $159,821.00. Following the completion of the transaction, the director now owns 7,100 shares of the company’s stock, valued at $159,821. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 39.93% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in PAGP. Center Coast Capital Advisors LP purchased a new position in shares of Plains GP in the fourth quarter valued at about $42,264,000. Brookfield Asset Management Inc. purchased a new position in shares of Plains GP in the fourth quarter valued at about $42,264,000. Rockefeller Financial Services Inc. purchased a new position in shares of Plains GP in the fourth quarter valued at about $34,159,000. UBS Asset Management Americas Inc. increased its position in shares of Plains GP by 65.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,357,606 shares of the pipeline company’s stock valued at $73,699,000 after acquiring an additional 1,324,404 shares during the period. Finally, Marathon Asset Management LP purchased a new position in shares of Plains GP in the third quarter valued at about $25,254,000. Hedge funds and other institutional investors own 84.22% of the company’s stock.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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