Plains GP (NYSE:PAGP) Research Coverage Started at Truist Financial

Truist Financial initiated coverage on shares of Plains GP (NYSE:PAGP) in a research report report published on Tuesday,Benzinga reports. The brokerage issued a buy rating and a $23.00 target price on the pipeline company’s stock.

Other analysts also recently issued research reports about the company. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research note on Wednesday, January 28th. Wells Fargo & Company increased their price target on Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, March 13th. Morgan Stanley raised their price target on Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, March 18th. Barclays lifted their price objective on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, February 9th. Finally, Stifel Nicolaus upped their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $21.60.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $24.44 on Tuesday. The firm’s 50 day moving average is $22.06 and its two-hundred day moving average is $19.63. The firm has a market capitalization of $4.84 billion, a P/E ratio of 46.11 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 0.92 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 $24.49.

Plains GP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is presently 129.46%.

Institutional Trading of Plains GP

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cibc World Market Inc. boosted its stake 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 buying an additional 597 shares in the last quarter. Arkadios Wealth Advisors raised its position in Plains GP by 0.8% in the third quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company’s stock worth $1,384,000 after acquiring an additional 631 shares in the last quarter. CWM LLC raised its position in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after acquiring an additional 636 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in 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 valued at $32,000 after acquiring an additional 645 shares during the last quarter. Finally, Creative Planning lifted its holdings in Plains GP by 5.1% in the 3rd quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock valued at $277,000 after acquiring an additional 742 shares during the last quarter. 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.