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

Plains GP Holdings, L.P. (NYSE:PAGP) has received a consensus rating of “Hold” from the fourteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $23.00.

A number of analysts recently commented on the company. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and raised their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Morgan Stanley boosted their price objective on shares of Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Mizuho upped their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Truist Financial assumed coverage on shares of Plains GP in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective for the company. Finally, Zacks Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a research report on Monday, June 22nd.

Institutional Trading of Plains GP

Large investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its position in Plains GP by 86.3% during the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock valued at $91,116,000 after acquiring an additional 1,738,351 shares in the last quarter. Pathstone Holdings LLC raised its position in shares of Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after acquiring an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Plains GP in the 3rd quarter worth approximately $9,629,000. Qube Research & Technologies Ltd lifted its stake in shares of Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after purchasing an additional 456,426 shares during the period. Finally, Engineers Gate Manager LP lifted its stake in shares of Plains GP by 510.6% in the 4th quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock valued at $9,945,000 after purchasing an additional 434,499 shares during the period. 88.30% of the stock is owned by institutional investors.

Plains GP Price Performance

Shares of PAGP stock opened at $24.43 on Friday. The firm has a market cap of $4.83 billion, a P/E ratio of 46.10 and a beta of 0.45. Plains GP has a fifty-two week low of $16.68 and a fifty-two week high of $26.15. The business’s 50 day moving average price is $24.22 and its 200-day moving average price is $22.55. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s dividend payout ratio is presently 172.16%.

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.