Plains GP Holdings, L.P. (NYSE:PAGP) Receives $22.30 Consensus Target Price from Brokerages

Plains GP Holdings, L.P. (NYSE:PAGP) has received a consensus recommendation of “Hold” from the twelve research firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, two have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $22.50.

PAGP has been the subject of several recent research reports. Barclays boosted their target price on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research report on Friday, April 10th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Wells Fargo & Company boosted their target price on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Mizuho set a $23.00 target price on shares of Plains GP in a research report on Friday, January 23rd. Finally, Stifel Nicolaus boosted their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $25.95 on Friday. The firm has a 50 day moving average of $23.82 and a 200 day moving average of $21.26. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 48.96 and a beta of 0.46. Plains GP has a 12-month low of $16.68 and a 12-month high of $26.15.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.4%. The ex-dividend date was Friday, May 1st. Plains GP’s payout ratio is 172.16%.

Institutional Trading of Plains GP

Several large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in shares of Plains GP by 86.3% in the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after purchasing an additional 1,738,351 shares during the period. Pathstone Holdings LLC boosted its position in shares of Plains GP by 227.5% in the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after purchasing an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Plains GP in the third quarter worth approximately $9,629,000. Qube Research & Technologies Ltd boosted its position in shares of Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after purchasing an additional 456,426 shares during the period. Finally, Engineers Gate Manager LP boosted its position in shares of Plains GP by 510.6% in the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after purchasing an additional 434,499 shares during the period. 88.30% of the stock is currently owned by institutional investors.

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.