Plains GP (NYSE:PAGP) Price Target Raised to $25.00

Plains GP (NYSE:PAGP) had its price objective increased by Truist Financial from $23.00 to $25.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the pipeline company’s stock.

Other research analysts also recently issued reports about the company. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. Citigroup upped their target price on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. US Capital Advisors downgraded Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Barclays raised their price target on Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Finally, Mizuho upped their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $23.36.

Plains GP Stock Performance

Plains GP stock opened at $25.61 on Wednesday. The company has a 50 day moving average price of $24.48 and a 200-day moving average price of $22.98. 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 $26.15. The company has a market capitalization of $5.07 billion, a PE ratio of 48.32 and a beta of 0.45.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.4175 per share. The ex-dividend date is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.5%. Plains GP’s dividend payout ratio is currently 172.16%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of Plains GP by 6.1% during the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after purchasing an additional 26,952 shares during the last quarter. Natixis bought a new position in Plains GP in the second quarter worth about $1,029,000. Qube Research & Technologies Ltd raised its holdings in Plains GP by 7.6% in the second quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company’s stock worth $19,247,000 after purchasing an additional 69,970 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Plains GP by 5.9% in the second quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company’s stock worth $1,635,000 after purchasing an additional 4,692 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Plains GP during the second quarter valued at about $279,000. 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.