Plains GP (NYSE:PAGP) Price Target Raised to $27.00

Plains GP (NYSE:PAGP) had its price objective boosted by JPMorgan Chase & Co. from $24.00 to $27.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the pipeline company’s stock.

Other equities research analysts have also issued research reports about the company. Truist Financial increased their price target on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Barclays boosted their price objective on Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, July 16th. Morgan Stanley upped their target price on shares of Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and raised their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company lifted their price target on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Plains GP presently has an average rating of “Hold” and a consensus price target of $24.18.

Plains GP Trading Up 0.8%

NYSE:PAGP opened at $27.89 on Thursday. The firm has a market cap of $5.52 billion, a PE ratio of 52.62 and a beta of 0.48. The stock has a fifty day moving average price of $25.97 and a 200 day moving average price of $24.50. Plains GP has a 12-month low of $16.68 and a 12-month high of $28.70. 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 Dividend Announcement

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. This represents a $1.67 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is 59.86%.

Hedge Funds Weigh In On Plains GP

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Bancorp Inc ME acquired a new stake in Plains GP during the second quarter worth approximately $30,000. Larson Financial Group LLC purchased a new stake in shares of Plains GP during the 3rd quarter worth approximately $46,000. North Star Investment Management Corp. acquired a new position in shares of Plains GP in the 1st quarter valued at $56,000. Lazard Asset Management LLC boosted its holdings in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares in the last quarter. Finally, Continuum Advisory LLC purchased a new position in shares of Plains GP in the 2nd quarter valued at $61,000. 88.30% of the stock is owned by institutional investors and hedge funds.

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.