Plains GP (NYSE:PAGP) Shares Pass Below Fifty Day Moving Average – What’s Next?

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $24.07 and traded as low as $23.05. Plains GP shares last traded at $23.35, with a volume of 986,429 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PAGP shares. Citigroup lifted their price target on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Morgan Stanley raised their price objective on shares of Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Wells Fargo & Company lifted their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Stifel Nicolaus boosted their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Finally, Mizuho increased their target price on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Plains GP has an average rating of “Hold” and an average price target of $23.00.

Plains GP Price Performance

The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 44.06 and a beta of 0.46. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a fifty day moving average of $24.07 and a 200-day moving average of $22.24.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s dividend payout ratio (DPR) is 172.16%.

Institutional Investors Weigh In On Plains GP

Several hedge funds and other institutional investors have recently bought and sold shares of PAGP. Larson Financial Group LLC acquired a new position in Plains GP in the third quarter valued at $46,000. North Star Investment Management Corp. acquired a new stake in shares of Plains GP during the first quarter worth about $56,000. Lazard Asset Management LLC lifted its holdings 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 valued at $58,000 after purchasing an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. purchased a new stake in shares of Plains GP in the 1st quarter valued at about $66,000. Finally, Virtus Advisers LLC boosted its position in shares of Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 1,859 shares during the period. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Company Profile

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.