Plains GP Holdings LP (NYSE:PAGP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Plains GP Holdings, L.P. operates as a holding company. The Company, through its subsidiaries, is involved in the transportation, storage, terminalling, and marketing of crude oil and refined products. It also focuses on the processing, transportation, fractionation, storage, and marketing of natural gas liquids, including ethane and natural gasoline products, as well as propane and butane products. Plains GP Holdings, L.P. is based in Houston, Texas. “

PAGP has been the subject of a number of other reports. Scotiabank reaffirmed a “sector perform” rating and issued a $14.00 price target (up from $10.00) on shares of Plains GP Holdings in a report on Monday, October 10th. Howard Weil upped their price target on Plains GP Holdings from $10.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday, October 10th. Deutsche Bank AG raised Plains GP Holdings from a “hold” rating to a “buy” rating and upped their price target for the company from $13.00 to $15.00 in a report on Monday, October 10th. Morgan Stanley upped their price target on Plains GP Holdings from $12.50 to $14.00 and gave the company an “equal weight” rating in a report on Tuesday, October 4th. Finally, Wells Fargo & Co. raised Plains GP Holdings from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 5th. Eighteen research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Plains GP Holdings has an average rating of “Hold” and a consensus target price of $12.00.

Analyst Recommendations for Plains GP Holdings (NYSE:PAGP)

Plains GP Holdings (NYSE:PAGP) opened at 12.14 on Wednesday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.83 and a beta of 1.51. The stock’s 50 day moving average is $12.87 and its 200 day moving average is $11.19. Plains GP Holdings has a 12-month low of $4.72 and a 12-month high of $14.66.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 31st will be given a $0.2065 dividend. This represents a $0.83 annualized dividend and a yield of 6.80%. The ex-dividend date of this dividend is Thursday, October 27th. Plains GP Holdings’s payout ratio is 169.39%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Paragon Capital Management Ltd acquired a new position in Plains GP Holdings during the second quarter valued at about $107,000. BB&T Securities LLC purchased a new position in shares of Plains GP Holdings during the third quarter worth $132,000. Capital Fund Management S.A. purchased a new position in shares of Plains GP Holdings during the second quarter worth $116,000. Oppenheimer & Co. Inc. purchased a new position in shares of Plains GP Holdings during the second quarter worth $117,000. Finally, Nordea Investment Management AB boosted its position in shares of Plains GP Holdings by 9.7% in the third quarter. Nordea Investment Management AB now owns 12,066 shares of the company’s stock worth $156,000 after buying an additional 1,066 shares in the last quarter. Hedge funds and other institutional investors own 76.61% of the company’s stock.

About Plains GP Holdings

Plains GP Holdings, L.P. (PAGP) owns an interest in the general partner and incentive distribution rights (IDRs) of Plains All American Pipeline, L.P (PAA). The Company has no separate operating activities apart from those conducted by PAA. PAA owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products.

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