Plains GP (NYSE:PAGP) Given New $30.00 Price Target at Mizuho

Plains GP (NYSE:PAGP) had its price objective raised by Mizuho from $27.00 to $30.00 in a research report report published on Monday morning, MarketBeat reports. The firm currently has an outperform rating on the pipeline company’s stock.

Other research analysts have also recently issued reports about the stock. Barclays increased their target price on shares of Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a report on Monday. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and boosted their price target for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Citigroup upped their price target on shares of Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $24.91.

Plains GP Price Performance

PAGP opened at $27.33 on Monday. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 51.57 and a beta of 0.48. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 12-month low of $16.68 and a 12-month high of $28.70. The business’s fifty day simple moving average is $26.70 and its 200-day simple moving average is $24.95.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.1%. The ex-dividend date was Friday, July 31st. Plains GP’s payout ratio is 59.86%.

Hedge Funds Weigh In On Plains GP

Large investors have recently added to or reduced their stakes in the company. Diesslin Group Inc. boosted its holdings in Plains GP by 0.8% during the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company’s stock valued at $2,011,000 after acquiring an additional 664 shares during the period. McIlrath & Eck LLC increased its stake in Plains GP by 5.9% during the first quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock worth $295,000 after purchasing an additional 677 shares during the period. Quantinno Capital Management LP increased its stake in Plains GP by 1.8% during the first quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company’s stock worth $976,000 after purchasing an additional 698 shares during the period. IVC Wealth Advisors LLC lifted its position in shares of Plains GP by 4.7% during the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock worth $391,000 after purchasing an additional 722 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Plains GP by 0.8% during the first quarter. NewEdge Advisors LLC now owns 107,504 shares of the pipeline company’s stock worth $2,610,000 after purchasing an additional 884 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

About Plains GP

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains’ operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.