Plains GP (NYSE:PAGP) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company lowered shares of Plains GP (NYSE:PAGP) from an overweight rating to an equal weight rating in a research note published on Wednesday morning, Marketbeat.com reports. The firm currently has $20.00 price objective on the pipeline company’s stock, down from their prior price objective of $22.00.

Several other equities research analysts have also weighed in on PAGP. StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Morgan Stanley downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, Wolfe Research raised shares of Plains GP to a “hold” rating in a research report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.88.

Plains GP Trading Down 0.5 %

Shares of PAGP traded down $0.09 during trading hours on Wednesday, reaching $18.06. 941,769 shares of the company traded hands, compared to its average volume of 1,713,837. Plains GP has a 12 month low of $15.70 and a 12 month high of $20.10. 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 company’s fifty day moving average price is $18.65 and its two-hundred day moving average price is $18.72. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 21.25 and a beta of 1.57.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a yield of 7.03%. The ex-dividend date was Thursday, October 31st. Plains GP’s dividend payout ratio is currently 149.41%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Continuum Advisory LLC raised its stake in Plains GP by 10.0% during the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after buying an additional 637 shares during the last quarter. SL Advisors LLC boosted its holdings in shares of Plains GP by 3.3% in the third quarter. SL Advisors LLC now owns 21,282 shares of the pipeline company’s stock worth $394,000 after buying an additional 679 shares during the last quarter. NewEdge Advisors LLC grew its position in Plains GP by 0.9% during the second quarter. NewEdge Advisors LLC now owns 74,783 shares of the pipeline company’s stock valued at $1,407,000 after buying an additional 681 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Plains GP by 1.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 38,898 shares of the pipeline company’s stock worth $720,000 after purchasing an additional 717 shares in the last quarter. Finally, Townsquare Capital LLC lifted its position in shares of Plains GP by 1.2% during the 3rd quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock valued at $1,110,000 after buying an additional 729 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

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.