Plains GP (NYSE:PAGP) Upgraded by Truist Financial to “Strong-Buy” Rating

Truist Financial upgraded shares of Plains GP (NYSE:PAGP) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

Several other analysts also recently issued reports on the stock. Barclays lifted their price target on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Wells Fargo & Company lifted their price objective on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, March 13th. Mizuho set a $23.00 target price on shares of Plains GP in a research report on Friday, January 23rd. Finally, Citigroup upped their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus target price of $21.60.

Plains GP Trading Up 1.6%

NYSE PAGP opened at $24.14 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP has a 52 week low of $16.60 and a 52 week high of $24.34. The business has a 50 day moving average price of $21.90 and a 200-day moving average price of $19.56. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 45.55 and a beta of 0.56.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date was Friday, January 30th. Plains GP’s payout ratio is presently 129.46%.

Institutional Trading of Plains GP

A number of institutional investors and hedge funds have recently modified their holdings of the business. Energy Income Partners LLC lifted its holdings in Plains GP by 1.0% during the third quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock worth $185,987,000 after acquiring an additional 102,916 shares during the period. Chickasaw Capital Management LLC grew its stake in Plains GP by 5.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after purchasing an additional 494,259 shares during the period. Invesco Ltd. increased its position in shares of Plains GP by 1.5% during the 3rd quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock valued at $80,006,000 after purchasing an additional 66,695 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Plains GP by 3.9% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after purchasing an additional 140,000 shares during the last quarter. Finally, UBS Group AG raised its stake in shares of Plains GP by 1.7% during the 4th quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock worth $65,225,000 after purchasing an additional 58,003 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

About Plains GP

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.