Plains GP (NYSE:PAGP) had its target price lifted by JPMorgan Chase & Co. from $29.00 to $32.00 in a research report sent to investors on Friday morning. JPMorgan Chase & Co. currently has an overweight rating on the pipeline company’s stock.
Other analysts have also issued research reports about the stock. TheStreet upgraded shares of Plains GP from a d+ rating to a c- rating in a research report on Monday, May 7th. SunTrust Banks set a $29.00 price target on shares of Plains GP and gave the company a buy rating in a research note on Wednesday, August 8th. ValuEngine raised shares of Plains GP from a hold rating to a buy rating in a research note on Wednesday, August 8th. Zacks Investment Research raised shares of Plains GP from a strong sell rating to a hold rating in a research note on Friday, August 10th. Finally, Scotiabank reaffirmed a hold rating and set a $30.00 price target on shares of Plains GP in a research note on Monday, August 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $27.06.
Shares of Plains GP stock opened at $26.75 on Friday. Plains GP has a fifty-two week low of $18.98 and a fifty-two week high of $27.00. The company has a current ratio of 0.75, a quick ratio of 0.63 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 41.15 and a beta of 1.23.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Stockholders of record on Tuesday, July 31st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Monday, July 30th. Plains GP’s payout ratio is currently 184.62%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group bought a new position in Plains GP during the second quarter worth $10,809,000. Canyon Capital Advisors LLC raised its stake in Plains GP by 0.3% during the second quarter. Canyon Capital Advisors LLC now owns 3,128,337 shares of the pipeline company’s stock worth $74,799,000 after buying an additional 8,860 shares during the last quarter. GeoSphere Capital Management LLC bought a new position in Plains GP during the second quarter worth $299,000. Worldquant Millennium Quantitative Strategies LLC bought a new position in Plains GP during the second quarter worth $10,333,000. Finally, Tower Research Capital LLC TRC raised its stake in Plains GP by 363.8% during the second quarter. Tower Research Capital LLC TRC now owns 28,638 shares of the pipeline company’s stock worth $685,000 after buying an additional 22,463 shares during the last quarter. 89.45% of the stock is owned by institutional investors and hedge funds.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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