Plains GP (NYSE:PAGP) Now Covered by Analysts at Truist Financial

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

A number of other brokerages also recently weighed in on PAGP. Wells Fargo & Company boosted their price target on Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. Morgan Stanley lifted their target price on Plains GP from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 18th. Mizuho set a $23.00 price target on Plains GP in a research note on Friday, January 23rd. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a report on Thursday, March 12th. Finally, Stifel Nicolaus lifted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.60.

Plains GP Stock Up 1.6%

Plains GP stock opened at $24.14 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company’s 50-day moving average is $21.90 and its 200-day moving average is $19.56. The firm has a market capitalization of $4.78 billion, a PE ratio of 45.55 and a beta of 0.56. Plains GP has a fifty-two week low of $16.60 and a fifty-two week high of $24.34.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $0.4175 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 annualized dividend and a dividend yield of 6.9%. Plains GP’s dividend payout ratio is presently 129.46%.

Institutional Trading of Plains GP

Several hedge funds have recently added to or reduced their stakes in PAGP. Whittier Trust Co. of Nevada Inc. grew 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 buying an additional 645 shares in the last quarter. Larson Financial Group LLC acquired a new stake in shares of Plains GP during the third quarter worth $46,000. Lazard Asset Management LLC lifted its holdings in shares of Plains GP by 36.5% during the second 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. Asset Dedication LLC bought a new stake in shares of Plains GP in the second quarter valued at about $83,000. Finally, Virtus Advisers LLC boosted its position in shares of Plains GP by 46.5% in the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after acquiring an additional 1,859 shares during the period. 88.30% of the stock is 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.