Plains GP (NYSE:PAGP) Price Target Cut to $20.00 by Analysts at JPMorgan Chase & Co.

Plains GP (NYSE:PAGP) had its price target cut by JPMorgan Chase & Co. from $21.00 to $20.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the pipeline company’s stock.

PAGP has been the topic of a number of other reports. Zacks Research lowered Plains GP from a “strong-buy” rating to a “hold” rating in a report on Monday. Mizuho upped their target price on Plains GP from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, June 18th. Morgan Stanley reduced their price target on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Finally, Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.50.

Plains GP Trading Down 0.5%

NYSE:PAGP opened at $18.57 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $19.15 and a 200-day simple moving average of $19.19. Plains GP has a 12 month low of $16.60 and a 12 month high of $22.31. The company has a market capitalization of $3.67 billion, a P/E ratio of 35.04 and a beta of 0.76.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.2%. Plains GP’s dividend payout ratio (DPR) is currently 220.29%.

Hedge Funds Weigh In On Plains GP

A number of large investors have recently added to or reduced their stakes in the stock. Huntington National Bank purchased a new stake in shares of Plains GP during the second quarter worth about $31,000. Caitong International Asset Management Co. Ltd lifted its stake in Plains GP by 378.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after buying an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Plains GP during the 2nd quarter worth approximately $51,000. CWM LLC raised its holdings in shares of Plains GP by 394.5% during the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after acquiring an additional 2,300 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.