Plains GP (NYSE:PAGP – Free Report) had its price objective hoisted by Raymond James from $23.00 to $24.00 in a report issued on Tuesday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the pipeline company’s stock.
Other analysts have also recently issued reports about the company. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Friday, January 10th. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Barclays lifted their price objective 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. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Plains GP presently has an average rating of “Hold” and a consensus price target of $20.60.
Read Our Latest Stock Report on Plains GP
Plains GP Stock Performance
Plains GP (NYSE:PAGP – Get Free Report) last issued its earnings results on Friday, November 8th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The firm had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.17 billion. During the same period last year, the firm posted $0.15 earnings per share. As a group, sell-side analysts forecast that Plains GP will post 0.83 earnings per share for the current fiscal year.
Plains GP Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 6.87%. The ex-dividend date is Friday, January 31st. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s payout ratio is 149.41%.
Institutional Investors Weigh In On Plains GP
Several hedge funds and other institutional investors have recently modified their holdings of the business. Csenge Advisory Group boosted its holdings in Plains GP by 6.6% during the 4th quarter. Csenge Advisory Group now owns 22,757 shares of the pipeline company’s stock valued at $418,000 after acquiring an additional 1,415 shares during the period. Allworth Financial LP purchased a new stake in shares of Plains GP during the fourth quarter valued at $44,000. Blue Trust Inc. boosted its stake in shares of Plains GP by 915.0% during the fourth quarter. Blue Trust Inc. now owns 14,799 shares of the pipeline company’s stock valued at $272,000 after purchasing an additional 13,341 shares during the period. Van ECK Associates Corp grew its holdings in shares of Plains GP by 28.8% in the fourth quarter. Van ECK Associates Corp now owns 43,193 shares of the pipeline company’s stock worth $794,000 after purchasing an additional 9,646 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its holdings in Plains GP by 91.4% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 22,579 shares of the pipeline company’s stock valued at $415,000 after buying an additional 10,785 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other 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.
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