Plains GP Holdings, L.P. (NYSE:PAGP) Receives $23.00 Average Target Price from Brokerages

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have earned a consensus recommendation of “Hold” from the fourteen analysts that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $23.00.

A number of brokerages have recently issued reports on PAGP. Barclays upped their price target on Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a report on Friday, April 10th. Wells Fargo & Company lifted their price objective on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a research report on Monday, June 22nd. Mizuho upped their target price on shares of Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, US Capital Advisors downgraded shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th.

Plains GP Stock Performance

Shares of PAGP opened at $24.67 on Friday. The business’s fifty day simple moving average is $24.32 and its two-hundred day simple moving average is $22.74. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP has a 12 month low of $16.68 and a 12 month high of $26.15. The company has a market cap of $4.88 billion, a price-to-earnings ratio of 46.55 and a beta of 0.45.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP’s payout ratio is presently 172.16%.

Institutional Investors Weigh In On Plains GP

Several institutional investors and hedge funds have recently added to or reduced their stakes in PAGP. Larson Financial Group LLC purchased a new stake in Plains GP during the 3rd quarter valued at $46,000. North Star Investment Management Corp. purchased a new position in shares of Plains GP in the 1st quarter worth $56,000. Lazard Asset Management LLC boosted its stake in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. purchased a new position in shares of Plains GP in the 1st quarter worth $66,000. Finally, Virtus Advisers LLC grew its holdings in shares of Plains GP by 46.5% in the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after acquiring an additional 1,859 shares during the period. Hedge funds and other 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.