Plains GP (NYSE:PAGP) Downgraded by StockNews.com to “Hold”

by · The Cerbat Gem

StockNews.com lowered shares of Plains GP (NYSE:PAGP – Free Report) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

Other analysts have also recently issued research reports about the company. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a report on Friday, January 10th. Raymond James lifted their price target on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 28th. Wells Fargo & Company downgraded Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Barclays lifted their price target on shares of Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. Finally, Morgan Stanley increased their target price on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, March 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Plains GP has an average rating of “Hold” and an average price target of $21.00.

Get Our Latest Report on PAGP

Plains GP Stock Down 9.6 %

Shares of NYSE PAGP opened at $18.66 on Wednesday. Plains GP has a 52 week low of $17.17 and a 52 week high of $22.31. The company has a market cap of $3.69 billion, a P/E ratio of 35.21 and a beta of 1.55. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business has a 50-day simple moving average of $21.19 and a two-hundred day simple moving average of $19.74.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.15%. The ex-dividend date is Thursday, May 1st. Plains GP’s payout ratio is 286.79%.

Institutional Trading of Plains GP

Institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp increased its stake in Plains GP by 61.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock worth $25,000 after acquiring an additional 520 shares during the last quarter. US Bancorp DE lifted its position in shares of Plains GP by 0.7% during the fourth quarter. US Bancorp DE now owns 86,863 shares of the pipeline company’s stock worth $1,597,000 after purchasing an additional 598 shares during the last quarter. Continuum Advisory LLC boosted its stake in shares of Plains GP by 10.0% during the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after purchasing an additional 637 shares during the period. Oppenheimer Asset Management Inc. increased its stake in Plains GP by 3.0% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 25,634 shares of the pipeline company’s stock worth $471,000 after buying an additional 748 shares during the period. Finally, ELCO Management Co. LLC boosted its position in Plains GP by 2.4% in the 4th quarter. ELCO Management Co. LLC now owns 33,954 shares of the pipeline company’s stock valued at $624,000 after buying an additional 802 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

About Plains GP

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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.

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