Plains GP (NYSE:PAGP) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Plains GP (NYSE:PAGP) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks reports.

PAGP has been the subject of several other reports. Citigroup lifted their target price on shares of Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 17th. Raymond James Financial reissued a “strong-buy” rating and issued a $30.00 price target on shares of Plains GP in a research report on Monday. Mizuho upped their price target on Plains GP from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday, September 21st. JPMorgan Chase & Co. lifted their price objective on Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Finally, Barclays boosted their target price on Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Plains GP has an average rating of “Hold” and an average target price of $26.00.

Plains GP Trading Up 0.7%

NYSE:PAGP opened at $27.51 on Monday. Plains GP has a one year low of $16.89 and a one year high of $28.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company’s 50-day simple moving average is $27.06 and its 200 day simple moving average is $25.39. The firm has a market capitalization of $5.44 billion, a P/E ratio of 51.91 and a beta of 0.54.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 annualized dividend and a yield of 6.1%. Plains GP’s payout ratio is 59.86%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in Plains GP by 44.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock worth $49,000 after buying an additional 584 shares in the last quarter. CWA Asset Management Group LLC raised its position in Plains GP by 5.3% in the 3rd quarter. CWA Asset Management Group LLC now owns 175,929 shares of the pipeline company’s stock worth $4,557,000 after buying an additional 8,880 shares during the last quarter. Ellsworth Advisors LLC raised its position in Plains GP by 4.2% in the 3rd quarter. Ellsworth Advisors LLC now owns 85,996 shares of the pipeline company’s stock worth $2,227,000 after buying an additional 3,445 shares during the last quarter. HF Advisory Group LLC raised its position in Plains GP by 3.3% in the 3rd quarter. HF Advisory Group LLC now owns 218,815 shares of the pipeline company’s stock worth $5,667,000 after buying an additional 6,943 shares during the last quarter. Finally, Avaii Wealth Management LLC bought a new position in Plains GP during the 3rd quarter valued at about $330,000. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America’s major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company’s operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.