Plains GP (NYSE:PAGP) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Plains GP (NYSE:PAGP) from a hold rating to a strong-buy rating in a report released on Tuesday,Zacks reports.

Other equities analysts also recently issued reports about the stock. Truist Financial raised their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Mizuho increased their price objective on shares of Plains GP from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Monday, September 21st. Barclays boosted their target price on Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a report on Monday, September 21st. Finally, Morgan Stanley upped their price target on Plains GP from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.91.

Plains GP Trading Down 0.1%

Shares of PAGP stock opened at $26.21 on Tuesday. Plains GP has a fifty-two week low of $16.68 and a fifty-two week high of $28.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock’s fifty day moving average is $26.79 and its two-hundred day moving average is $25.20. The firm has a market capitalization of $5.19 billion, a P/E ratio of 49.45 and a beta of 0.54.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.4%. Plains GP’s dividend payout ratio is currently 59.86%.

Hedge Funds Weigh In On Plains GP

A number of institutional investors have recently bought and sold shares of PAGP. Miller Howard Investments Inc. NY increased its position in shares of Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock worth $34,514,000 after purchasing an additional 291,397 shares during the last quarter. Hsbc Holdings PLC lifted its position in Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock valued at $69,291,000 after buying an additional 147,603 shares during the last quarter. State Street Corp boosted its stake in Plains GP by 7.5% during the second quarter. State Street Corp now owns 692,771 shares of the pipeline company’s stock worth $16,814,000 after buying an additional 48,614 shares during the period. Engineers Gate Manager LP increased its position in shares of Plains GP by 16.6% during the second quarter. Engineers Gate Manager LP now owns 395,551 shares of the pipeline company’s stock valued at $9,600,000 after acquiring an additional 56,213 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Plains GP by 3.0% during the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock valued at $93,818,000 after acquiring an additional 112,893 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Company Profile

Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.

Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America’s major midstream energy companies.