Plains GP (NYSE:PAGP) Price Target Raised to $21.00 at Wells Fargo & Company

Plains GP (NYSE:PAGP) had its price target increased by Wells Fargo & Company from $20.00 to $21.00 in a research report sent to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the pipeline company’s stock.

A number of other equities research analysts also recently weighed in on the company. Morgan Stanley boosted their target price on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. Mizuho set a $23.00 price objective on Plains GP in a report on Friday, January 23rd. Zacks Research lowered shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Raymond James Financial lowered their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Friday, October 24th. Finally, Bank of America lowered shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.38.

Plains GP Trading Down 0.1%

PAGP opened at $20.69 on Monday. Plains GP has a 1-year low of $16.60 and a 1-year high of $21.97. The stock has a market capitalization of $4.09 billion, a PE ratio of 39.04 and a beta of 0.57. 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 50-day moving average price of $19.63 and a two-hundred day moving average price of $18.78.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 8.1%. The ex-dividend date of this dividend is Friday, January 30th. Plains GP’s dividend payout ratio is presently 129.46%.

Hedge Funds Weigh In On Plains GP

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cibc World Market Inc. grew its holdings in shares of Plains GP by 3.8% during the 3rd quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock valued at $296,000 after purchasing an additional 597 shares during the last quarter. Kesler Norman & Wride LLC boosted its position in Plains GP by 1.3% in the second quarter. Kesler Norman & Wride LLC now owns 48,882 shares of the pipeline company’s stock valued at $950,000 after buying an additional 618 shares in the last quarter. Arkadios Wealth Advisors boosted 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 valued at $1,384,000 after buying an additional 631 shares in the last quarter. CWM LLC grew its stake in shares of Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after buying an additional 636 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Plains GP by 56.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

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.