Plains GP (NYSE:PAGP) Price Target Raised to $13.00

Plains GP (NYSE:PAGPGet Rating) had its price objective boosted by Raymond James from $12.00 to $13.00 in a research note released on Wednesday, Benzinga reports. Raymond James currently has an outperform rating on the pipeline company’s stock.

A number of other brokerages have also weighed in on PAGP. Wolfe Research upgraded shares of Plains GP from a peer perform rating to an outperform rating in a research report on Monday, January 10th. Bank of America raised their target price on shares of Plains GP from $10.50 to $11.00 and gave the company an underperform rating in a research report on Tuesday, January 18th. Zacks Investment Research lowered shares of Plains GP from a buy rating to a hold rating in a research report on Wednesday, April 13th. StockNews.com lowered shares of Plains GP from a buy rating to a hold rating in a research report on Monday, April 18th. Finally, Barclays raised their target price on shares of Plains GP from $12.00 to $13.00 in a research report on Thursday, January 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $13.19.

NYSE PAGP opened at $11.95 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 37.34 and a beta of 1.89. The firm’s 50 day simple moving average is $11.57 and its 200 day simple moving average is $11.21. Plains GP has a 1 year low of $9.24 and a 1 year high of $12.95.

Plains GP (NYSE:PAGPGet Rating) last posted its quarterly earnings results on Wednesday, February 9th. The pipeline company reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.21. Plains GP had a net margin of 0.15% and a return on equity of 0.51%. The business had revenue of $12.95 billion for the quarter, compared to analyst estimates of $10.01 billion. On average, equities research analysts forecast that Plains GP will post 1.43 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Friday, April 29th will be issued a dividend of $0.2175 per share. This represents a $0.87 dividend on an annualized basis and a dividend yield of 7.28%. The ex-dividend date is Thursday, April 28th. This is a positive change from Plains GP’s previous quarterly dividend of $0.18. Plains GP’s payout ratio is 225.00%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP bought a new position in Plains GP during the third quarter worth $33,000. First Quadrant LLC CA bought a new position in Plains GP during the first quarter worth $36,000. Patriot Financial Group Insurance Agency LLC raised its stake in Plains GP by 33.2% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 4,031 shares of the pipeline company’s stock worth $43,000 after buying an additional 1,004 shares during the last quarter. Ensign Peak Advisors Inc bought a new position in Plains GP during the fourth quarter worth $44,000. Finally, FirstPurpose Wealth LLC bought a new position in Plains GP during the fourth quarter worth $104,000. 89.90% of the stock is owned by institutional investors and hedge funds.

About Plains GP (Get Rating)

Plains GP Holdings, L.P., together with its subsidiaries, 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.

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