Plains GP (NYSE:PAGP) Price Target Raised to $22.00

Plains GP (NYSE:PAGP) had its price objective upped by Mizuho from $20.00 to $22.00 in a research note issued to investors on Wednesday,Benzinga reports. Mizuho currently has an outperform rating on the pipeline company’s stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised their price objective on shares of Plains GP from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 25th. Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. boosted their price objective on shares of Plains GP from $19.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays cut their price objective on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating for the company in a research report on Thursday, April 10th. Finally, Citigroup decreased their target price on Plains GP from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.88.

Plains GP Stock Down 0.5%

Plains GP stock opened at $19.66 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a fifty-two week low of $16.61 and a fifty-two week high of $22.31. The firm has a fifty day moving average price of $18.47 and a two-hundred day moving average price of $19.65. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 37.10 and a beta of 0.63.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.73%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP’s payout ratio is 205.41%.

Institutional Trading of Plains GP

Several institutional investors have recently made changes to their positions in PAGP. Northern Trust Corp lifted its stake in Plains GP by 27.2% during the fourth quarter. Northern Trust Corp now owns 80,964 shares of the pipeline company’s stock worth $1,488,000 after purchasing an additional 17,333 shares during the period. Plato Investment Management Ltd raised its holdings in shares of Plains GP by 144.2% in the 4th quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock worth $661,000 after buying an additional 21,146 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Plains GP during the 4th quarter worth approximately $380,000. Bank of Montreal Can lifted its position in shares of Plains GP by 36.4% during the 4th quarter. Bank of Montreal Can now owns 43,284 shares of the pipeline company’s stock worth $796,000 after buying an additional 11,541 shares during the period. Finally, Barclays PLC boosted its stake in Plains GP by 7.9% in the 4th quarter. Barclays PLC now owns 890,577 shares of the pipeline company’s stock valued at $16,370,000 after buying an additional 65,080 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

About Plains GP

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.