Plains GP Holdings LP (PAGP) Receives Average Recommendation of “Hold” from Brokerages
Plains GP Holdings LP (NYSE:PAGP) has been assigned an average recommendation of “Hold” from the twenty-two analysts that are currently covering the company. Eighteen analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $13.23.
A number of analysts have recently weighed in on the stock. Wells Fargo & Co. raised shares of Plains GP Holdings from a “market perform” rating to an “outperform” rating in a research report on Wednesday, October 5th. Stifel Nicolaus upped their target price on shares of Plains GP Holdings from $29.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday. Zacks Investment Research downgraded shares of Plains GP Holdings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 9th. Morgan Stanley increased their price objective on shares of Plains GP Holdings from $12.50 to $14.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 4th. Finally, Citigroup Inc. reissued a “buy” rating and set a $12.50 price objective (up from $12.00) on shares of Plains GP Holdings in a research report on Tuesday, August 16th.
A number of large investors have recently made changes to their positions in PAGP. Chickasaw Capital Management LLC raised its position in Plains GP Holdings by 16.5% in the second quarter. Chickasaw Capital Management LLC now owns 21,045,691 shares of the company’s stock worth $219,507,000 after buying an additional 2,983,748 shares during the period. Kayne Anderson Capital Advisors LP raised its position in Plains GP Holdings by 5.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 19,377,740 shares of the company’s stock worth $250,735,000 after buying an additional 1,082,200 shares during the period. Harvest Fund Advisors LLC raised its position in Plains GP Holdings by 69.6% in the second quarter. Harvest Fund Advisors LLC now owns 9,675,198 shares of the company’s stock worth $100,912,000 after buying an additional 3,970,603 shares during the period. Iridian Asset Management LLC CT raised its position in Plains GP Holdings by 37,037.0% in the second quarter. Iridian Asset Management LLC CT now owns 9,009,443 shares of the company’s stock worth $93,968,000 after buying an additional 8,985,183 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Plains GP Holdings by 120.0% in the second quarter. JPMorgan Chase & Co. now owns 5,110,948 shares of the company’s stock worth $53,308,000 after buying an additional 2,788,013 shares during the period. 77.21% of the stock is owned by institutional investors and hedge funds.
Plains GP Holdings (NYSE:PAGP) traded down 1.03% during trading on Thursday, hitting $33.54. 521,837 shares of the stock traded hands. The company has a market cap of $8.99 billion, a P/E ratio of 67.08 and a beta of 1.51. The firm has a 50-day moving average price of $17.63 and a 200 day moving average price of $15.15. Plains GP Holdings has a 52-week low of $6.29 and a 52-week high of $34.60.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a dividend of $0.2065 per share. This represents a $0.83 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date was Thursday, October 27th. Plains GP Holdings’s dividend payout ratio (DPR) is currently 169.39%.
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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