Plains GP Holdings, L.P. (NYSE:PAGP) Receives $20.63 Consensus Price Target from Brokerages

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have received an average rating of “Hold” from the ten ratings firms that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $20.6250.

Several equities research analysts have weighed in on the company. Bank of America cut Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a report on Wednesday, January 28th. Mizuho set a $23.00 price target on Plains GP in a research note on Friday, January 23rd. Zacks Research cut shares of Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Morgan Stanley upped their price objective on shares of Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 25th. Finally, Citigroup raised their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th.

Hedge Funds Weigh In On Plains GP

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in Plains GP by 2.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock worth $196,592,000 after purchasing an additional 247,365 shares during the period. Caprock Group LLC bought a new stake in shares of Plains GP in the 3rd quarter worth approximately $3,088,000. Chickasaw Capital Management LLC grew its stake in shares of Plains GP by 5.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after buying an additional 494,259 shares during the last quarter. Osaic Holdings Inc. increased its position in Plains GP by 75.3% during the 2nd quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after buying an additional 125,169 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC increased its position in Plains GP by 16.8% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock valued at $14,608,000 after buying an additional 115,020 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of NYSE:PAGP opened at $23.45 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $20.74 and a 200-day moving average price of $19.11. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 44.25 and a beta of 0.56. Plains GP has a 12 month low of $16.60 and a 12 month high of $23.51.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is presently 129.46%.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.