Mizuho Has Lowered Expectations for Plains GP (NYSE:PAGP) Stock Price

Plains GP (NYSE:PAGP) had its price target decreased by Mizuho from $21.00 to $20.00 in a report published on Tuesday,Benzinga reports. Mizuho currently has an outperform rating on the pipeline company’s stock.

A number of other research analysts have also recently issued reports on PAGP. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Barclays reduced their price target on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research note on Thursday, April 10th. Raymond James upped their price objective on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Citigroup dropped their price objective on shares of Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Morgan Stanley raised their target price on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.71.

Plains GP Trading Down 0.3%

Shares of Plains GP stock opened at $18.09 on Tuesday. 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 has a 12-month low of $16.61 and a 12-month high of $22.31. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 34.13 and a beta of 0.68. The firm’s 50-day moving average price is $19.26 and its two-hundred day moving average price is $19.70.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.40%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP’s payout ratio is currently 205.41%.

Institutional Trading of Plains GP

Hedge funds have recently bought and sold shares of the business. Invesco Ltd. boosted its stake in Plains GP by 42.9% in the first quarter. Invesco Ltd. now owns 4,190,610 shares of the pipeline company’s stock valued at $89,511,000 after acquiring an additional 1,258,315 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Plains GP by 8.0% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company’s stock worth $229,989,000 after purchasing an additional 927,855 shares during the period. Algert Global LLC lifted its stake in Plains GP by 781.8% in the fourth quarter. Algert Global LLC now owns 772,966 shares of the pipeline company’s stock valued at $14,207,000 after purchasing an additional 685,307 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Plains GP by 11.7% in the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company’s stock valued at $113,077,000 after purchasing an additional 646,130 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Plains GP by 25.8% during the first quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company’s stock valued at $54,746,000 after purchasing an additional 526,215 shares during the period. 88.30% of the stock is currently owned by institutional investors.

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.