Plains GP (NYSE:PAGP) Price Target Cut to $18.00 by Analysts at Barclays

Plains GP (NYSE:PAGP) had its target price cut by Barclays from $19.00 to $18.00 in a research note published on Thursday morning,Benzinga reports. They currently have an underweight rating on the pipeline company’s stock.

Several other equities research analysts also recently commented on the stock. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Friday, January 10th. Raymond James boosted their price objective on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 28th. Wells Fargo & Company lowered Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd. Finally, Morgan Stanley raised their price objective on Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.67.

Plains GP Stock Performance

NYSE PAGP opened at $17.74 on Thursday. The company has a market cap of $3.51 billion, a P/E ratio of 33.47 and a beta of 1.11. The company has a fifty day simple moving average of $20.73 and a 200 day simple moving average of $19.68. 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 $16.61 and a 12-month high of $22.31.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.57%. Plains GP’s payout ratio is currently 286.79%.

Institutional Trading of Plains GP

Several hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp increased its stake in shares of Plains GP by 13.0% during the 3rd quarter. Stifel Financial Corp now owns 687,257 shares of the pipeline company’s stock worth $12,714,000 after purchasing an additional 78,845 shares during the last quarter. State Street Corp raised its stake in shares of Plains GP by 17.1% in the third quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock valued at $11,857,000 after buying an additional 93,643 shares during the period. Continuum Advisory LLC lifted its position in shares of Plains GP by 10.0% during the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after buying an additional 637 shares during the last quarter. Vestcor Inc grew its stake in shares of Plains GP by 79.1% during the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock worth $1,451,000 after acquiring an additional 34,633 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Plains GP by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 156,635 shares of the pipeline company’s stock worth $2,898,000 after acquiring an additional 3,582 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.