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

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have received a consensus rating of “Hold” from the thirteen research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $24.91.

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 18th. Mizuho upped their target price on Plains GP from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday. The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and increased their target price for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Truist Financial lifted their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd.

Institutional Investors Weigh In On Plains GP

Several large investors have recently modified their holdings of PAGP. Energy Income Partners LLC raised its position in Plains GP by 1.4% in the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock valued at $217,908,000 after purchasing an additional 120,765 shares during the last quarter. Bank of America Corp DE grew its position in Plains GP by 3.0% during the 2nd quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock worth $93,818,000 after purchasing an additional 112,893 shares during the last quarter. Hsbc Holdings PLC grew its position in Plains GP by 5.5% during the 2nd quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock worth $69,291,000 after purchasing an additional 147,603 shares during the last quarter. Miller Howard Investments Inc. NY increased its stake in Plains GP by 25.8% in the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock valued at $34,514,000 after purchasing an additional 291,397 shares during the period. Finally, Alps Advisors Inc. increased its stake in Plains GP by 1.5% in the fourth quarter. Alps Advisors Inc. now owns 1,223,144 shares of the pipeline company’s stock valued at $23,411,000 after purchasing an additional 18,352 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Trading Up 0.0%

PAGP stock opened at $26.70 on Friday. Plains GP has a 52-week low of $16.68 and a 52-week high of $28.70. 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 firm has a market cap of $5.28 billion, a P/E ratio of 50.38 and a beta of 0.48. The company’s 50-day simple moving average is $26.79 and its 200-day simple moving average is $25.02.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.3%. The ex-dividend date was Friday, July 31st. Plains GP’s dividend payout ratio is 59.86%.

About Plains GP

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains’ operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.