Plains GP Holdings, L.P. (NYSE:PAGP) Receives Consensus Rating of “Hold” from Analysts

Plains GP Holdings, L.P. (NYSE:PAGP) has been assigned an average rating of “Hold” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $23.3636.

PAGP has been the topic of a number of research analyst reports. Barclays raised their price target on Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Truist Financial upped their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Wells Fargo & Company increased their target price on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Citigroup raised their target price on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd.

Plains GP Trading Up 1.5%

Shares of PAGP stock opened at $26.66 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP has a 1 year low of $16.68 and a 1 year high of $26.78. The stock has a fifty day moving average of $24.80 and a two-hundred day moving average of $23.40. The firm has a market capitalization of $5.28 billion, a PE ratio of 50.30 and a beta of 0.45.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 172.16%.

Institutional Investors Weigh In On Plains GP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Energy Income Partners LLC boosted its stake in Plains GP by 1.0% during the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock valued at $185,987,000 after purchasing an additional 102,916 shares in the last quarter. Invesco Ltd. raised its stake in shares of Plains GP by 1.5% in the 3rd quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock worth $80,006,000 after buying an additional 66,695 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after buying an additional 1,738,351 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after buying an additional 140,000 shares during the period. Finally, UBS Group AG boosted its stake in Plains GP by 1.7% during the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock valued at $65,225,000 after buying an additional 58,003 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

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.