Wolfe Research downgraded shares of Plains GP (NYSE:PAGP) from a market perform rating to an underperform rating in a research report sent to investors on Tuesday.

Several other brokerages also recently issued reports on PAGP. Bank of America cut their target price on shares of Plains GP from $24.00 to $23.00 and set a neutral rating for the company in a research note on Thursday, February 8th. Deutsche Bank initiated coverage on shares of Plains GP in a research note on Thursday, April 19th. They issued a buy rating and a $29.00 target price for the company. Morgan Stanley upgraded shares of Plains GP from an equal weight rating to an overweight rating and set a $32.00 target price for the company in a research note on Tuesday, February 13th. Robert W. Baird set a $22.00 target price on shares of Plains GP and gave the company a hold rating in a research note on Wednesday, February 7th. Finally, Zacks Investment Research upgraded shares of Plains GP from a sell rating to a hold rating in a research note on Thursday, March 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Plains GP currently has a consensus rating of Buy and a consensus price target of $25.65.

Shares of NYSE:PAGP opened at $24.87 on Tuesday. Plains GP has a 52-week low of $18.98 and a 52-week high of $30.10. The stock has a market capitalization of $3,878.18, a P/E ratio of 38.26 and a beta of 1.25. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.73.

Plains GP (NYSE:PAGP) last issued its earnings results on Tuesday, February 6th. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.25). Plains GP had a negative net margin of 2.79% and a positive return on equity of 0.73%. The firm had revenue of $7.61 billion during the quarter, compared to analyst estimates of $4.91 billion. sell-side analysts expect that Plains GP will post 1.49 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Tuesday, May 1st will be given a dividend of $0.30 per share. The ex-dividend date is Monday, April 30th. This represents a $1.20 annualized dividend and a yield of 4.83%. Plains GP’s dividend payout ratio (DPR) is presently 184.62%.

In related news, Director Oscar K. Brown acquired 7,100 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $22.51 per share, for a total transaction of $159,821.00. Following the completion of the transaction, the director now directly owns 7,100 shares of the company’s stock, valued at approximately $159,821. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 16.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAGP. The Manufacturers Life Insurance Company raised its position in shares of Plains GP by 11.4% in the second quarter. The Manufacturers Life Insurance Company now owns 4,166 shares of the pipeline company’s stock valued at $109,000 after buying an additional 428 shares in the last quarter. California State Teachers Retirement System acquired a new stake in shares of Plains GP in the second quarter valued at approximately $327,000. Legal & General Group Plc raised its position in shares of Plains GP by 5.1% in the third quarter. Legal & General Group Plc now owns 71,351 shares of the pipeline company’s stock valued at $1,560,000 after buying an additional 3,433 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Plains GP by 15.4% in the third quarter. Janus Henderson Group PLC now owns 119,285 shares of the pipeline company’s stock valued at $2,609,000 after buying an additional 15,889 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Plains GP by 3.1% in the third quarter. California Public Employees Retirement System now owns 236,268 shares of the pipeline company’s stock valued at $5,167,000 after buying an additional 7,028 shares in the last quarter. Institutional investors own 84.28% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.

Analyst Recommendations for Plains GP (NYSE:PAGP)

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