Plains GP (NYSE:PAGP) Stock Price Target Raised at Barclays

Plains GP (NYSE:PAGP) had its price target hoisted by Barclays from $24.00 to $25.00 in a report released on Wednesday morning,Benzinga reports. Barclays currently has an underweight rating on the pipeline company’s stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company raised their price target on shares of Plains GP from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday. Raymond James Financial reiterated a “strong-buy” rating and set a $30.00 price objective on shares of Plains GP in a research note on Monday, October 19th. Citigroup boosted their price objective on shares of Plains GP from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, September 17th. Zacks Research lowered shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.25.

Plains GP Stock Up 1.6%

Shares of NYSE:PAGP opened at $25.91 on Wednesday. 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 1 year low of $17.42 and a 1 year high of $28.96. The stock has a market capitalization of $5.13 billion, a P/E ratio of 48.89 and a beta of 0.54. The stock has a 50-day simple moving average of $27.21 and a 200-day simple moving average of $24.87.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.4%. Plains GP’s dividend payout ratio (DPR) is 75.23%.

Institutional Investors Weigh In On Plains GP

Hedge funds have recently modified their holdings of the stock. Cowa LLC lifted its position in Plains GP by 1.7% during the 3rd quarter. Cowa LLC now owns 34,429 shares of the pipeline company’s stock worth $892,000 after acquiring an additional 559 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Plains GP by 44.2% in the third quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock valued at $49,000 after acquiring an additional 584 shares in the last quarter. Cibc World Market Inc. grew its position in Plains GP by 2.5% in the third quarter. Cibc World Market Inc. now owns 24,855 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 602 shares in the last quarter. Diesslin Group Inc. raised its stake in shares of Plains GP by 0.8% during the second quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company’s stock valued at $2,011,000 after purchasing an additional 664 shares during the period. Finally, McIlrath & Eck LLC raised its stake in shares of Plains GP by 5.9% during the first quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock valued at $295,000 after purchasing an additional 677 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

About Plains GP

Plains GP Holdings is a publicly traded holding company whose primary business is its ownership interest in Plains All American Pipeline. Through that relationship, it is tied to a midstream energy business focused on transporting, storing, gathering and marketing crude oil and natural gas liquids. Plains All American Pipeline operates pipelines, storage facilities and other logistics infrastructure that connect energy producers with refineries and other customers. Its operations span the United States and Canada, serving key crude oil and natural gas liquids markets.