Plains GP (NYSE:PAGP) Upgraded at Zacks Research

Zacks Research upgraded shares of Plains GP (NYSE:PAGP) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Several other research analysts have also issued reports on PAGP. Citigroup increased their price objective on Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Wells Fargo & Company boosted their target price on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. Truist Financial assumed coverage on shares of Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. Morgan Stanley lifted their price target on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, March 18th. Finally, Mizuho set a $23.00 price objective on shares of Plains GP in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.90.

Plains GP Stock Up 0.8%

NYSE PAGP opened at $23.13 on Tuesday. Plains GP has a 1-year low of $16.68 and a 1-year high of $24.75. 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 stock’s 50 day moving average is $23.21 and its two-hundred day moving average is $20.33. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 43.64 and a beta of 0.50.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend is Friday, May 1st. Plains GP’s payout ratio is currently 129.46%.

Hedge Funds Weigh In On Plains GP

A number of large investors have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. lifted its position 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 purchasing an additional 645 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Plains GP in the first quarter valued at approximately $56,000. Larson Financial Group LLC acquired a new position in Plains GP during the 3rd quarter worth $46,000. Lazard Asset Management LLC lifted its holdings in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares in the last quarter. Finally, Virtus Advisers LLC boosted its position in Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after buying an additional 1,859 shares during 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. (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.