Wolfe Research Upgrades Plains GP (NYSE:PAGP) to Outperform

Wolfe Research upgraded shares of Plains GP (NYSE:PAGP) from a peer perform rating to an outperform rating in a report released on Friday morning, Marketbeat reports. They currently have $22.00 price objective on the pipeline company’s stock.

Several other research analysts also recently issued reports on PAGP. Wells Fargo & Company downgraded Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Finally, StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $20.11.

Plains GP Stock Performance

Shares of PAGP opened at $20.01 on Friday. Plains GP has a 12-month low of $15.78 and a 12-month high of $20.63. The stock has a market cap of $3.95 billion, a P/E ratio of 23.54 and a beta of 1.58. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $18.82 and a two-hundred day moving average of $18.81.

Plains GP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.60%. This is an increase from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s payout ratio is currently 149.41%.

Hedge Funds Weigh In On Plains GP

Large investors have recently added to or reduced their stakes in the business. Hara Capital LLC purchased a new stake in Plains GP in the 3rd quarter valued at about $57,000. Eastern Bank acquired a new stake in shares of Plains GP in the third quarter worth approximately $76,000. Continuum Advisory LLC grew its holdings in Plains GP by 10.0% in the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after purchasing an additional 637 shares during the period. Insigneo Advisory Services LLC acquired a new position in Plains GP during the third quarter worth approximately $188,000. Finally, Patriot Financial Group Insurance Agency LLC purchased a new position in Plains GP during the third quarter worth approximately $200,000. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

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.