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

Plains GP (NYSE:PAGP) had its price objective cut by Citigroup from $21.00 to $18.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the pipeline company’s stock.

Other equities analysts have also issued reports about the stock. Barclays lowered their price target on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. Morgan Stanley boosted their price target on shares of Plains GP from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 25th. Raymond James boosted their price target on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, StockNews.com lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.83.

Plains GP Stock Down 1.0%

PAGP stock opened at $18.44 on Tuesday. The stock has a market capitalization of $3.65 billion, a P/E ratio of 34.79 and a beta of 0.68. The firm has a 50-day simple moving average of $19.41 and a 200-day simple moving average of $19.67. 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 52 week low of $16.61 and a 52 week high of $22.31.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.24%. The ex-dividend date was Thursday, May 1st. Plains GP’s dividend payout ratio (DPR) is presently 205.41%.

Hedge Funds Weigh In On Plains GP

A number of institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its stake in Plains GP by 61.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock worth $25,000 after purchasing an additional 520 shares during the period. Blue Trust Inc. raised its stake in Plains GP by 3.7% during the first quarter. Blue Trust Inc. now owns 15,344 shares of the pipeline company’s stock worth $328,000 after purchasing an additional 545 shares during the period. US Bancorp DE raised its stake in Plains GP by 0.7% during the fourth quarter. US Bancorp DE now owns 86,863 shares of the pipeline company’s stock worth $1,597,000 after purchasing an additional 598 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Plains GP by 3.0% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 25,634 shares of the pipeline company’s stock valued at $471,000 after acquiring an additional 748 shares during the period. Finally, ELCO Management Co. LLC raised its stake in shares of Plains GP by 2.4% in the 4th quarter. ELCO Management Co. LLC now owns 33,954 shares of the pipeline company’s stock valued at $624,000 after acquiring an additional 802 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

About Plains GP

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.