Plains GP (NYSE:PAGP) Upgraded at Truist Financial

Truist Financial upgraded shares of Plains GP (NYSE:PAGP) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other equities analysts have also commented on the company. Bank of America lowered Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Stifel Nicolaus upped their target price 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. Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Barclays lifted their price target on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Monday, February 9th. Finally, Morgan Stanley boosted their price objective on shares of Plains GP from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 18th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $21.60.

Plains GP Trading Down 0.3%

PAGP opened at $24.07 on Monday. The stock has a market cap of $4.76 billion, a PE ratio of 45.42 and a beta of 0.56. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average of $21.98 and a 200-day moving average of $19.59. Plains GP has a 52 week low of $16.60 and a 52 week high of $24.34.

Plains GP Dividend Announcement

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

Institutional Trading of Plains GP

Several institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its stake in shares of Plains GP by 3.7% in the fourth quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after purchasing an additional 99,655 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Plains GP by 70.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company’s stock valued at $376,000 after buying an additional 8,111 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Plains GP by 1.6% in the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock worth $4,731,000 after buying an additional 3,890 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Plains GP by 22.1% in the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock worth $16,630,000 after buying an additional 158,368 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Plains GP by 17.3% in the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock worth $2,041,000 after buying an additional 15,718 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other 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.