Bank of America upgraded shares of Plains GP (NYSE:PAGP) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has $30.00 target price on the pipeline company’s stock, up from their prior target price of $26.00.

PAGP has been the topic of several other reports. JPMorgan Chase & Co. upped their target price on Plains GP from $29.00 to $32.00 and gave the company an overweight rating in a research report on Friday, August 24th. Stifel Nicolaus upped their target price on Plains GP from $24.00 to $26.00 and gave the company a hold rating in a research report on Wednesday, August 8th. ValuEngine raised Plains GP from a sell rating to a hold rating in a research report on Friday, June 15th. Seaport Global Securities reaffirmed a buy rating and issued a $28.00 price target on shares of Plains GP in a report on Friday, July 27th. Finally, Scotiabank reaffirmed a hold rating and issued a $30.00 price target on shares of Plains GP in a report on Monday, August 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Plains GP has a consensus rating of Hold and an average target price of $27.73.

NYSE PAGP opened at $24.90 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.63 and a current ratio of 0.75. Plains GP has a 1 year low of $18.98 and a 1 year high of $27.00. The firm has a market capitalization of $3.89 billion, a P/E ratio of 38.31 and a beta of 1.25.

Plains GP (NYSE:PAGP) last released its earnings results on Tuesday, August 7th. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.17). Plains GP had a negative net margin of 2.51% and a positive return on equity of 0.57%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.71 billion. analysts expect that Plains GP will post 1.1 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Shareholders of record on Tuesday, July 31st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend was Monday, July 30th. Plains GP’s payout ratio is 184.62%.

A number of large investors have recently bought and sold shares of PAGP. Rockefeller Capital Management L.P. purchased a new stake in shares of Plains GP during the 1st quarter worth about $34,685,000. Millennium Management LLC boosted its stake in shares of Plains GP by 53.2% during the 1st quarter. Millennium Management LLC now owns 4,272,725 shares of the pipeline company’s stock worth $92,932,000 after acquiring an additional 1,483,681 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Plains GP by 3,697.3% during the 2nd quarter. Raymond James & Associates now owns 1,494,131 shares of the pipeline company’s stock worth $35,725,000 after acquiring an additional 1,454,784 shares in the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Plains GP during the 2nd quarter worth about $26,896,000. Finally, Miller Howard Investments Inc. NY boosted its stake in shares of Plains GP by 707.6% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 1,198,629 shares of the pipeline company’s stock worth $28,659,000 after acquiring an additional 1,050,211 shares in the last quarter. 89.45% of the stock is currently owned by institutional investors.

About Plains GP

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.

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Analyst Recommendations for Plains GP (NYSE:PAGP)

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