Plains GP (NYSE:PAGP) Given New $23.00 Price Target at Morgan Stanley

Plains GP (NYSE:PAGP) had its price target raised by Morgan Stanley from $19.00 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the pipeline company’s stock.

Several other equities analysts have also issued reports on the company. Barclays raised their price objective on Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday, January 10th. Raymond James boosted their price objective on Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 28th. StockNews.com lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Wells Fargo & Company cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Plains GP has a consensus rating of “Hold” and an average price target of $21.00.

Plains GP Stock Performance

Shares of PAGP stock opened at $21.52 on Tuesday. The company has a market cap of $4.26 billion, a P/E ratio of 40.60 and a beta of 1.55. The firm has a fifty day moving average price of $21.27 and a 200 day moving average price of $19.61. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 12 month low of $17.17 and a 12 month high of $22.31.

Plains GP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.06%. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, January 31st. Plains GP’s payout ratio is presently 286.79%.

Hedge Funds Weigh In On Plains GP

Several large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp increased its stake in Plains GP by 61.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock valued at $25,000 after purchasing an additional 520 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Plains GP during the 4th quarter valued at about $33,000. Allworth Financial LP acquired a new stake in Plains GP during the fourth quarter worth about $44,000. Farther Finance Advisors LLC raised its stake in Plains GP by 8,120.7% during the fourth quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company’s stock worth $44,000 after acquiring an additional 2,355 shares during the period. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in Plains GP by 1,000.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 4,400 shares of the pipeline company’s stock worth $81,000 after acquiring an additional 4,000 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

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.