Bank of America Corporation set a $22.00 target price on Plains Group Holdings, L.P. (NYSE:PAGP) in a research report report published on Monday. The firm currently has a hold rating on the pipeline company’s stock.

Several other equities research analysts have also recently weighed in on PAGP. Deutsche Bank AG decreased their price target on Plains Group Holdings, L.P. from $40.00 to $35.00 and set a buy rating for the company in a research note on Tuesday, May 30th. Mizuho raised Plains Group Holdings, L.P. from a neutral rating to a buy rating and set a $30.00 price target for the company in a research note on Monday, July 10th. BidaskClub raised Plains Group Holdings, L.P. from a hold rating to a buy rating in a research note on Monday, July 31st. Raymond James Financial, Inc. set a $24.00 price target on Plains Group Holdings, L.P. and gave the company a buy rating in a research note on Wednesday, August 9th. Finally, Citigroup Inc. reissued a buy rating and issued a $28.00 price target (down previously from $33.50) on shares of Plains Group Holdings, L.P. in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $27.28.

Plains Group Holdings, L.P. (PAGP) opened at 21.17 on Monday. Plains Group Holdings, L.P. has a 12 month low of $19.60 and a 12 month high of $36.59. The company has a 50-day moving average of $24.37 and a 200-day moving average of $28.07. The company’s market cap is $3.25 billion.

Plains Group Holdings, L.P. (NYSE:PAGP) last issued its earnings results on Monday, August 7th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by $0.04. Plains Group Holdings, L.P. had a return on equity of 0.69% and a net margin of 0.34%. The firm had revenue of $6.08 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company earned $0.29 EPS. Plains Group Holdings, L.P.’s revenue for the quarter was up 22.8% on a year-over-year basis. Analysts predict that Plains Group Holdings, L.P. will post $1.03 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $2.20 dividend on an annualized basis and a yield of 10.39%. Plains Group Holdings, L.P.’s dividend payout ratio (DPR) is currently 333.50%.

In other news, EVP Richard K. Mcgee bought 2,500 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $21.08 per share, with a total value of $52,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Greg L. Armstrong bought 50,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $21.53 per share, with a total value of $1,076,500.00. Following the completion of the transaction, the chairman now directly owns 700,625 shares of the company’s stock, valued at $15,084,456.25. The disclosure for this purchase can be found here. Insiders acquired 122,500 shares of company stock valued at $2,724,700 over the last three months. Company insiders own 39.93% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. DnB Asset Management AS increased its stake in Plains Group Holdings, L.P. by 24.7% in the first quarter. DnB Asset Management AS now owns 13,616 shares of the pipeline company’s stock worth $426,000 after buying an additional 2,700 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in Plains Group Holdings, L.P. during the first quarter worth about $966,000. Russell Investments Group Ltd. increased its stake in Plains Group Holdings, L.P. by 88.2% in the first quarter. Russell Investments Group Ltd. now owns 593,393 shares of the pipeline company’s stock worth $18,539,000 after buying an additional 278,051 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in Plains Group Holdings, L.P. by 69.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,906 shares of the pipeline company’s stock worth $340,000 after buying an additional 4,473 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Plains Group Holdings, L.P. by 47.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,961 shares of the pipeline company’s stock worth $468,000 after buying an additional 4,800 shares in the last quarter. 83.15% of the stock is owned by institutional investors and hedge funds.

About Plains Group Holdings, L.P.

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Through its three business segments, the Company is engaged in the transportation, storage, terminaling and marketing of crude oil, NGL and natural gas.

Analyst Recommendations for Plains Group Holdings, L.P. (NYSE:PAGP)

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