Plains GP (NYSE:PAGP) Given New $25.00 Price Target at Truist Financial

Plains GP (NYSE:PAGP) had its price target hoisted by Truist Financial from $23.00 to $25.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the pipeline company’s stock.

Several other equities research analysts have also issued reports on PAGP. Wells Fargo & Company raised their price target on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Morgan Stanley upped their price objective on Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Barclays raised their target price on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, Mizuho upped their price target on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.18.

Plains GP Stock Down 0.8%

PAGP stock opened at $25.10 on Wednesday. The stock has a market cap of $4.97 billion, a P/E ratio of 47.36 and a beta of 0.45. 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 stock’s fifty day simple moving average is $24.40 and its two-hundred day simple moving average is $22.91. Plains GP has a 1-year low of $16.68 and a 1-year high of $26.15.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $0.4175 per share. The ex-dividend date is Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.7%. Plains GP’s payout ratio is presently 172.16%.

Institutional Investors Weigh In On Plains GP

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC bought a new stake in Plains GP in the 3rd quarter worth $46,000. North Star Investment Management Corp. purchased a new stake in Plains GP in the first quarter worth $56,000. Lazard Asset Management LLC grew its position in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares during the period. O Domhnaill Enterprises Inc. purchased a new stake in Plains GP in the first quarter worth about $66,000. Finally, Virtus Advisers LLC increased its position in Plains GP by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after buying an additional 1,859 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. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.