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

Plains GP Holdings, L.P. (NYSE:PAGP) has received a consensus recommendation of “Hold” from the fourteen brokerages that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $23.00.

Several research analysts have recently issued reports on PAGP shares. Truist Financial began coverage on Plains GP in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 target price for the company. Citigroup upped their price target on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Mizuho increased their price objective on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Wells Fargo & Company raised their price objective on Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and boosted their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PAGP. Larson Financial Group LLC purchased a new stake in Plains GP in the 3rd quarter worth $46,000. North Star Investment Management Corp. bought a new stake in Plains GP in the first quarter worth $56,000. Lazard Asset Management LLC lifted its holdings 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 acquiring an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. bought a new position in shares of Plains GP during the first quarter valued at approximately $66,000. Finally, Virtus Advisers LLC grew its position in Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after acquiring an additional 1,859 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 0.3%

PAGP stock traded up $0.08 during trading on Friday, hitting $24.75. 741,961 shares of the company traded hands, compared to its average volume of 1,841,784. The firm has a market capitalization of $4.90 billion, a PE ratio of 46.70 and a beta of 0.45. Plains GP has a 1 year low of $16.68 and a 1 year high of $26.15. The company has a 50-day moving average of $24.33 and a 200-day moving average of $22.75. 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 firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.7%. The ex-dividend date is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 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.