Plains GP (NYSE:PAGP) Price Target Raised to $30.00

Plains GP (NYSE:PAGP) had its price target boosted by Mizuho from $27.00 to $30.00 in a research report report published on Monday, Marketbeat reports. They currently have an outperform rating on the pipeline company’s stock.

Several other research analysts have also recently weighed in on the company. Morgan Stanley lifted their price target on Plains GP from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. Barclays upped their price objective on Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a research report on Monday. Citigroup raised their price objective on shares of Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, September 17th. JPMorgan Chase & Co. lifted their target price 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. Finally, The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and lifted their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on 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

Shares of PAGP opened at $26.69 on Monday. The business’s 50-day moving average is $26.76 and its two-hundred day moving average is $25.00. The company has a market capitalization of $5.28 billion, a P/E ratio of 50.36 and a beta of 0.48. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a fifty-two week low of $16.68 and a fifty-two week high of $28.70.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. Plains GP’s dividend payout ratio (DPR) is 59.86%.

Hedge Funds Weigh In On Plains GP

A number of large investors have recently bought and sold shares of the business. Miller Howard Investments Inc. NY raised its stake in shares of Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock worth $34,514,000 after buying an additional 291,397 shares during the period. Hsbc Holdings PLC grew its stake in Plains GP by 5.5% in the 2nd quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock valued at $69,291,000 after acquiring an additional 147,603 shares during the period. Bank of America Corp DE grew its stake in Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock valued at $91,116,000 after acquiring an additional 1,738,351 shares during the period. Energy Income Partners LLC grew its stake in Plains GP by 1.4% in the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock valued at $217,908,000 after acquiring an additional 120,765 shares during the period. Finally, Summit Securities Group LLC purchased a new stake in Plains GP in the 1st quarter worth $1,144,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

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.