Plains GP (NYSE:PAGP) Given New $25.00 Price Target at Wells Fargo & Company

Plains GP (NYSE:PAGP) had its price objective upped by Wells Fargo & Company from $23.00 to $25.00 in a research note published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the pipeline company’s stock.

A number of other brokerages have also issued reports on PAGP. JPMorgan Chase & Co. increased their price target on Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Barclays boosted their price objective on Plains GP from $23.00 to $24.00 and gave the stock an “underweight” rating in a research note on Monday, September 21st. Raymond James Financial reaffirmed a “strong-buy” rating and set a $30.00 target price on shares of Plains GP in a report on Monday, October 19th. Finally, Morgan Stanley lifted their target price on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and a consensus target price of $26.25.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $25.91 on Wednesday. Plains GP has a 12 month low of $17.42 and a 12 month high of $28.96. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 48.89 and a beta of 0.54. The stock’s 50 day moving average price is $27.21 and its 200 day moving average price is $24.87. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.4%. The ex-dividend date is Friday, October 30th. Plains GP’s payout ratio is presently 75.23%.

Institutional Trading of Plains GP

A number of hedge funds have recently bought and sold shares of PAGP. First Bancorp Inc ME acquired a new position in shares of Plains GP in the second quarter worth about $30,000. Nisa Investment Advisors LLC raised its holdings in shares of Plains GP by 44.2% during the third quarter. Nisa Investment Advisors LLC now owns 1,905 shares of the pipeline company’s stock valued at $49,000 after acquiring an additional 584 shares during the period. Continuum Advisory LLC acquired a new stake in shares of Plains GP during the second quarter valued at approximately $61,000. Ameritas Advisory Services LLC acquired a new stake in shares of Plains GP during the second quarter valued at approximately $64,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Plains GP in the 2nd quarter valued at approximately $81,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Company Profile

Plains GP Holdings is a publicly traded holding company whose primary business is its ownership interest in Plains All American Pipeline. Through that relationship, it is tied to a midstream energy business focused on transporting, storing, gathering and marketing crude oil and natural gas liquids. Plains All American Pipeline operates pipelines, storage facilities and other logistics infrastructure that connect energy producers with refineries and other customers. Its operations span the United States and Canada, serving key crude oil and natural gas liquids markets.