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

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have been given an average recommendation of “Hold” by the thirteen ratings firms that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $24.9091.

Several brokerages have recently issued reports on PAGP. Morgan Stanley raised their price objective on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. Truist Financial upped their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and increased their price target for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price target on shares of Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Finally, US Capital Advisors cut shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after buying an additional 1,738,351 shares during the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Plains GP by 25.8% in the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock valued at $34,514,000 after acquiring an additional 291,397 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Plains GP in the second quarter valued at approximately $6,251,000. Pinnacle Holdings LLC acquired a new stake in shares of Plains GP in the second quarter worth approximately $3,927,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock worth $69,291,000 after acquiring an additional 147,603 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Performance

Shares of PAGP stock opened at $26.87 on Friday. The business has a fifty day moving average of $26.73 and a 200 day moving average of $24.98. Plains GP has a 1 year low of $16.68 and a 1 year high of $28.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 50.70 and a beta of 0.48.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is 59.86%.

About Plains GP

Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains’ operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.