Wolfe Research Reiterates "Peer Perform" Rating for Plains GP (NYSE:PAGP)

Key Points

• Plains GP's stock received a "peer perform" rating reaffirmed by Wolfe Research, indicating analysts' steady outlook on the company's performance.
• Barclays and Citigroup have downgraded their price targets for Plains GP's stock to $18.00, reflecting a cautious sentiment, while Mizuho raised the target to $22.00.
• Institutional investors hold 88.30% of Plains GP's stock, highlighting significant institutional interest in the company's performance and stability.

Wolfe Research reiterated their peer perform rating on shares of Plains GP (NYSE:PAGP - Free Report) in a research report released on Friday morning, Marketbeat.com reports.

PAGP has been the subject of a number of other reports. Citigroup dropped their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Mizuho boosted their target price on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. JPMorgan Chase & Co. upped their price objective on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Barclays lowered their price target on Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a report on Thursday, April 10th. Finally, Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Plains GP currently has a consensus rating of "Hold" and an average price target of $20.88.

Plains GP Price Performance

Shares of NYSE PAGP traded up $0.19 during midday trading on Friday, hitting $19.78. The stock had a trading volume of 391,763 shares, compared to its average volume of 1,708,117. The company has a market capitalization of $3.91 billion, a PE ratio of 37.31 and a beta of 0.65. The stock has a 50 day simple moving average of $19.03 and a 200-day simple moving average of $19.79. Plains GP has a 1 year low of $16.60 and a 1 year high of $22.31. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 7.69%. Plains GP's dividend payout ratio is currently 205.41%.

Institutional Trading of Plains GP

Several large investors have recently modified their holdings of PAGP. KLP Kapitalforvaltning AS acquired a new position in Plains GP in the fourth quarter worth about $728,000. LPL Financial LLC raised its holdings in shares of Plains GP by 4.6% during the fourth quarter. LPL Financial LLC now owns 726,056 shares of the pipeline company's stock valued at $13,345,000 after buying an additional 32,130 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Plains GP by 10.0% during the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock valued at $58,213,000 after buying an additional 288,430 shares during the last quarter. Duff & Phelps Investment Management Co. raised its holdings in Plains GP by 31.2% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 105,103 shares of the pipeline company's stock worth $1,932,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new stake in Plains GP during the fourth quarter worth approximately $158,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.