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

Plains GP Holdings, L.P. (NYSE:PAGP) has been assigned a consensus rating of “Hold” from the fourteen ratings firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $23.00.

A number of research firms have recently commented on PAGP. 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 report on Wednesday, June 3rd. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup raised their price target on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Mizuho raised their price target on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Truist Financial began coverage on Plains GP in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target for the company.

Plains GP Price Performance

Plains GP stock opened at $24.35 on Wednesday. Plains GP has a one year low of $16.68 and a one year high of $26.15. The business has a fifty day moving average price of $24.09 and a 200-day moving average price of $21.90. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market capitalization of $4.82 billion, a P/E ratio of 45.94 and a beta of 0.46.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s dividend payout ratio (DPR) is presently 172.16%.

Institutional Investors Weigh In On Plains GP

Several large investors have recently added to or reduced their stakes in PAGP. Bank of America Corp DE boosted its stake in Plains GP by 86.3% during the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock valued at $91,116,000 after buying an additional 1,738,351 shares during the period. Pathstone Holdings LLC raised its position in Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after purchasing an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Plains GP in the third quarter worth about $9,629,000. Qube Research & Technologies Ltd increased its holdings in shares of Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after buying an additional 456,426 shares during the period. Finally, Engineers Gate Manager LP increased its holdings in shares of Plains GP by 510.6% in the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after buying an additional 434,499 shares during the period. Institutional investors own 88.30% of the company’s stock.

About Plains GP

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.