Plains GP (NYSE:PAGP) Coverage Initiated by Analysts at Credit Suisse Group
Credit Suisse Group started coverage on shares of Plains GP (NYSE:PAGP) in a report published on Thursday, January 4th, MarketBeat reports. The firm issued an outperform rating and a $25.00 price target on the pipeline company’s stock.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Plains GP from a hold rating to a buy rating and set a $23.00 target price for the company in a report on Tuesday, October 24th. Mizuho restated a buy rating and set a $27.00 target price on shares of Plains GP in a report on Friday, October 20th. Barclays restated a buy rating and set a $26.00 target price on shares of Plains GP in a report on Thursday, October 19th. BMO Capital Markets set a $25.00 target price on shares of Plains GP and gave the stock a buy rating in a report on Tuesday, October 17th. Finally, ValuEngine upgraded shares of Plains GP from a sell rating to a hold rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Plains GP has a consensus rating of Hold and an average target price of $25.71.
Plains GP (NYSE PAGP) opened at $22.23 on Thursday. The firm has a market cap of $6,420.00, a P/E ratio of 50.52 and a beta of 1.51. Plains GP has a 1-year low of $18.98 and a 1-year high of $34.63. The company has a quick ratio of 0.78, a current ratio of 1.00 and a debt-to-equity ratio of 0.84.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 5.40%. The ex-dividend date is Tuesday, January 30th. Plains GP’s dividend payout ratio (DPR) is currently 272.73%.
A number of hedge funds and other institutional investors have recently bought and sold shares of PAGP. Canyon Capital Advisors LLC bought a new stake in Plains GP during the second quarter worth $35,731,000. Marathon Asset Management LP bought a new stake in Plains GP during the third quarter worth $25,254,000. Atlantic Trust Group LLC raised its position in Plains GP by 32.0% during the third quarter. Atlantic Trust Group LLC now owns 2,935,457 shares of the pipeline company’s stock worth $64,199,000 after acquiring an additional 711,518 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Plains GP by 15.8% during the second quarter. Goldman Sachs Group Inc. now owns 5,132,617 shares of the pipeline company’s stock worth $134,270,000 after acquiring an additional 701,120 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its position in Plains GP by 9.4% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 7,636,798 shares of the pipeline company’s stock worth $167,017,000 after acquiring an additional 653,301 shares in the last quarter. 83.02% of the stock is currently owned by hedge funds and other institutional investors.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.
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