Plains GP (NYSE:PAGP) Upgraded to “Outperform” at Wolfe Research

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

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

Plains GP Stock Up 0.4 %

Shares of NYSE:PAGP opened at $20.01 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market cap of $3.95 billion, a P/E ratio of 23.54 and a beta of 1.58. Plains GP has a 1-year low of $15.78 and a 1-year high of $20.63. The firm has a fifty day moving average price of $18.82 and a 200 day moving average price of $18.81.

Plains GP Increases Dividend

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in shares of Plains GP in the 2nd quarter valued at about $566,000. Arizona State Retirement System increased its holdings in Plains GP by 2.2% in the second quarter. Arizona State Retirement System now owns 55,184 shares of the pipeline company’s stock valued at $1,039,000 after buying an additional 1,204 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Plains GP by 44.8% during the 2nd quarter. Private Advisor Group LLC now owns 40,758 shares of the pipeline company’s stock valued at $767,000 after acquiring an additional 12,609 shares during the period. PFG Investments LLC purchased a new stake in shares of Plains GP during the 2nd quarter worth approximately $449,000. Finally, Plato Investment Management Ltd boosted its stake in shares of Plains GP by 130.6% during the 2nd quarter. Plato Investment Management Ltd now owns 28,328 shares of the pipeline company’s stock worth $533,000 after acquiring an additional 16,044 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

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.