Zacks Research upgraded shares of Plains GP (NYSE:PAGP – Free Report) from a hold rating to a strong-buy rating in a report published on Tuesday,Zacks reports.
PAGP has been the subject of several other research reports. JPMorgan Chase & Co. lifted their price target on Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Truist Financial raised their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Barclays lifted their target price on shares of Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a report on Monday, September 21st. Citigroup increased their price target on shares of Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 17th. Finally, Mizuho raised their price target on shares of Plains GP from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.91.
Check Out Our Latest Research Report on Plains GP
Plains GP Stock Up 1.4%
Plains GP Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend is Friday, October 30th. Plains GP’s dividend payout ratio (DPR) is presently 59.86%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAGP. First Bancorp Inc ME bought a new stake in Plains GP in the 2nd quarter worth approximately $30,000. North Star Investment Management Corp. purchased a new stake in Plains GP during the 1st quarter valued at $56,000. Continuum Advisory LLC bought a new position in shares of Plains GP during the 2nd quarter valued at $61,000. Ameritas Advisory Services LLC purchased a new position in shares of Plains GP in the 2nd quarter worth $64,000. Finally, O Domhnaill Enterprises Inc. purchased a new position in shares of Plains GP in the 1st quarter worth $66,000. Institutional investors own 88.30% of the company’s stock.
About Plains GP
Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.
Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America’s major midstream energy companies.
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