Wells Fargo & Company Issues Positive Forecast for Plains GP (NYSE:PAGP) Stock Price

Plains GP (NYSE:PAGP) had its price objective increased by Wells Fargo & Company from $21.00 to $22.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an equal weight rating on the pipeline company’s stock.

Several other research firms also recently commented on PAGP. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, January 28th. Stifel Nicolaus boosted their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Zacks Research lowered shares of Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Citigroup raised their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Finally, Mizuho set a $23.00 price target on shares of Plains GP in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.22.

Plains GP Price Performance

NYSE PAGP opened at $23.12 on Friday. The company has a 50-day moving average price of $21.35 and a 200-day moving average price of $19.33. Plains GP has a 52 week low of $16.60 and a 52 week high of $24.00. 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 firm has a market capitalization of $4.58 billion, a P/E ratio of 43.62 and a beta of 0.56.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.4175 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. Plains GP’s dividend payout ratio is 129.46%.

Institutional Trading of Plains GP

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathstone Holdings LLC lifted its holdings in Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after purchasing an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Plains GP during the 3rd quarter valued at approximately $9,629,000. Chickasaw Capital Management LLC raised its position in shares of Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after buying an additional 494,259 shares during the last quarter. Bank of America Corp DE raised its position in shares of Plains GP by 36.4% during the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after buying an additional 466,773 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after buying an additional 456,426 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.