Plains GP (NYSE:PAGP) Price Target Raised to $18.00

Plains GP (NYSE:PAGP) had its target price raised by Citigroup from $17.50 to $18.00 in a research report sent to investors on Monday, Benzinga reports. Citigroup currently has a neutral rating on the pipeline company’s stock.

Several other equities analysts also recently issued reports on PAGP. Barclays increased their price objective on shares of Plains GP from $16.00 to $18.00 and gave the company an underweight rating in a report on Friday, April 12th. Scotiabank assumed coverage on Plains GP in a research note on Monday, April 8th. They set a sector outperform rating and a $23.00 price objective for the company. StockNews.com upgraded Plains GP from a hold rating to a buy rating in a research report on Monday, March 4th. The Goldman Sachs Group boosted their price target on Plains GP from $14.50 to $16.00 and gave the stock a sell rating in a research report on Friday, April 12th. Finally, UBS Group increased their price objective on Plains GP from $22.00 to $23.00 and gave the company a buy rating in a research note on Friday, April 12th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $19.64.

Plains GP Price Performance

Shares of PAGP opened at $18.52 on Monday. The company has a market capitalization of $3.65 billion, a P/E ratio of 21.05 and a beta of 1.53. The business’s 50-day moving average is $18.21 and its two-hundred day moving average is $16.85. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.98. Plains GP has a fifty-two week low of $13.09 and a fifty-two week high of $19.77.

Plains GP (NYSE:PAGP) last posted its earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.06). The firm had revenue of $12.70 billion for the quarter, compared to analysts’ expectations of $12.88 billion. Plains GP had a net margin of 0.35% and a return on equity of 1.15%. Research analysts predict that Plains GP will post 1.05 earnings per share for the current year.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.86%. The ex-dividend date is Tuesday, April 30th. Plains GP’s payout ratio is 144.32%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Spire Wealth Management boosted its holdings in Plains GP by 63.2% during the 3rd quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 983 shares during the period. Rational Advisors LLC purchased a new stake in Plains GP during the 3rd quarter worth approximately $43,000. Mather Group LLC. acquired a new stake in Plains GP during the 1st quarter worth approximately $44,000. Allworth Financial LP purchased a new stake in Plains GP in the third quarter valued at $48,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Plains GP by 95.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 1,697 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

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.