JPMorgan Chase & Co. Lowers Plains GP (NYSE:PAGP) to Neutral

JPMorgan Chase & Co. lowered shares of Plains GP (NYSE:PAGPGet Rating) from an overweight rating to a neutral rating in a research report report published on Monday morning, The Fly reports. The brokerage currently has $14.00 price objective on the pipeline company’s stock, down from their previous price objective of $15.00.

Several other equities research analysts have also recently weighed in on PAGP. TheStreet raised Plains GP from a c+ rating to a b- rating in a research note on Thursday, November 3rd. StockNews.com started coverage on Plains GP in a research note on Wednesday, October 12th. They issued a hold rating for the company. Stifel Nicolaus raised Plains GP from a hold rating to a buy rating and increased their price target for the company from $14.00 to $16.00 in a research note on Sunday, August 14th. Wells Fargo & Company decreased their price target on Plains GP from $16.00 to $15.00 and set an overweight rating for the company in a research note on Friday, November 4th. Finally, Wolfe Research cut Plains GP from an outperform rating to a market perform rating in a research note on Monday, August 1st. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $14.59.

Plains GP Price Performance

Shares of PAGP opened at $12.74 on Monday. Plains GP has a 12-month low of $9.24 and a 12-month high of $13.38. The business has a 50-day simple moving average of $12.23 and a two-hundred day simple moving average of $11.65. The company has a quick ratio of 0.93, a current ratio of 1.05 and a debt-to-equity ratio of 0.57. The stock has a market cap of $2.48 billion, a PE ratio of 12.02 and a beta of 1.63.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a $0.2175 dividend. This represents a $0.87 annualized dividend and a dividend yield of 6.83%. The ex-dividend date was Friday, October 28th. Plains GP’s dividend payout ratio (DPR) is presently 82.08%.

Institutional Trading of Plains GP

Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank raised its stake in shares of Plains GP by 7.0% in the first quarter. Swiss National Bank now owns 436,034 shares of the pipeline company’s stock worth $5,036,000 after purchasing an additional 28,600 shares during the last quarter. Cambridge Trust Co. purchased a new stake in shares of Plains GP during the first quarter valued at approximately $47,000. Morningstar Investment Services LLC increased its position in shares of Plains GP by 2.6% during the first quarter. Morningstar Investment Services LLC now owns 635,281 shares of the pipeline company’s stock valued at $7,359,000 after acquiring an additional 15,800 shares during the last quarter. WINTON GROUP Ltd increased its position in shares of Plains GP by 14.5% during the first quarter. WINTON GROUP Ltd now owns 94,095 shares of the pipeline company’s stock valued at $1,087,000 after acquiring an additional 11,951 shares during the last quarter. Finally, Diversified Trust Co purchased a new stake in shares of Plains GP during the second quarter valued at approximately $288,000. 82.51% of the stock is owned by hedge funds and other institutional investors.

Plains GP Company Profile

(Get Rating)

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.

Further Reading

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Analyst Recommendations for Plains GP (NYSE:PAGP)

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