Plains GP (NYSE:PAGP) Cut to Hold at StockNews.com

StockNews.com lowered shares of Plains GP (NYSE:PAGP) from a buy rating to a hold rating in a research report released on Wednesday morning.

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

Plains GP Trading Down 9.6 %

Shares of PAGP stock opened at $18.66 on Wednesday. The company has a market capitalization of $3.69 billion, a PE 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. Plains GP has a 12-month low of $17.17 and a 12-month high of $22.31. The firm has a 50 day moving average price of $21.19 and a two-hundred day moving average price of $19.74.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.15%. The ex-dividend date is Thursday, May 1st. Plains GP’s dividend payout ratio (DPR) is currently 286.79%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Aegis Wealth Management LLC purchased a new stake in shares of Plains GP in the fourth quarter valued at about $310,000. McIlrath & Eck LLC bought a new position in Plains GP during the fourth quarter valued at about $166,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Plains GP by 0.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 424,072 shares of the pipeline company’s stock worth $7,794,000 after acquiring an additional 1,997 shares during the period. Vident Advisory LLC bought a new position in shares of Plains GP during the 4th quarter valued at approximately $1,751,000. Finally, Two Sigma Advisers LP raised its holdings in shares of Plains GP by 0.5% in the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company’s stock worth $73,610,000 after purchasing an additional 19,900 shares during the period. 88.30% of the stock is owned by institutional investors.

Plains GP Company Profile

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.