Plains GP Target of Unusually Large Options Trading (NYSE:PAGP)

Plains GP Holdings, L.P. (NYSE:PAGP) saw unusually large options trading on Friday. Traders purchased 37,820 call options on the stock. This is an increase of approximately 1,944% compared to the average daily volume of 1,850 call options.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Barclays lowered shares of Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 price target on the stock. in a research note on Monday, September 25th. Truist Financial lifted their price target on shares of Plains GP from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. The Goldman Sachs Group assumed coverage on shares of Plains GP in a research report on Thursday, October 5th. They issued a “sell” rating and a $13.50 price objective on the stock. StockNews.com downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Citigroup downgraded Plains GP from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $15.50 in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.22.

Plains GP Stock Performance

NYSE PAGP traded up $0.25 during trading on Friday, reaching $15.96. The company’s stock had a trading volume of 1,197,646 shares, compared to its average volume of 2,616,578. Plains GP has a twelve month low of $11.79 and a twelve month high of $16.70. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 16.03 and a beta of 1.59. The business’s fifty day moving average price is $15.90 and its 200-day moving average price is $15.18. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.84 and a current ratio of 0.95.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were issued a $0.2675 dividend. This represents a $1.07 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date of this dividend was Monday, October 30th. Plains GP’s payout ratio is currently 109.18%.

Insiders Place Their Bets

In related news, CEO Willie Cw Chiang bought 62,000 shares of the firm’s stock in a transaction on Thursday, September 28th. The shares were bought at an average price of $16.24 per share, with a total value of $1,006,880.00. Following the completion of the transaction, the chief executive officer now directly owns 318,704 shares of the company’s stock, valued at approximately $5,175,752.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Plains GP

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Plains GP during the second quarter worth $26,000. Geneos Wealth Management Inc. increased its position in Plains GP by 149.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,171 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 1,300 shares in the last quarter. Spire Wealth Management raised its holdings in Plains GP by 63.2% in 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 last quarter. Rational Advisors LLC purchased a new position in Plains GP during the third quarter worth about $43,000. Finally, Allworth Financial LP purchased a new stake in Plains GP in the 3rd quarter valued at about $48,000. 84.45% of the stock is owned by institutional investors and hedge funds.

Plains GP Company Profile

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.