Plains GP (NYSE:PAGP) Rating Increased to Hold at Zacks Research

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

PAGP has been the subject of several other reports. Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Raymond James Financial decreased their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Friday, October 24th. JPMorgan Chase & Co. cut their target price on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 18th. Morgan Stanley lowered 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 report on Tuesday, August 26th. Finally, Barclays cut their price objective on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.13.

Plains GP Stock Down 0.4%

Shares of PAGP traded down $0.08 during midday trading on Monday, hitting $17.56. The stock had a trading volume of 326,897 shares, compared to its average volume of 1,587,528. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 33.14 and a beta of 0.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a twelve month low of $16.60 and a twelve month high of $22.31. The company has a 50 day simple moving average of $17.91 and a two-hundred day simple moving average of $18.57.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date is Friday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.7%. Plains GP’s dividend payout ratio is presently 163.44%.

Hedge Funds Weigh In On Plains GP

Several institutional investors have recently added to or reduced their stakes in PAGP. Huntington National Bank acquired a new stake in shares of Plains GP during the 2nd quarter worth approximately $31,000. Whittier Trust Co. of Nevada Inc. grew its holdings in Plains GP by 56.8% in 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 during the period. Caitong International Asset Management Co. Ltd increased its stake in Plains GP by 378.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Plains GP during the second quarter valued at about $51,000. Finally, CWM LLC boosted its position in shares of Plains GP by 394.5% during the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 2,300 shares in the last quarter. 88.30% of the stock is 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.