Plains GP Holdings, L.P. (NYSE:PAGP) Stock Has Average Target Price of $26.00 According to Brokerages

Plains GP Holdings, L.P. (NYSE:PAGP) has received a consensus rating of “Hold” from the fourteen research firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $26.25.

PAGP has been the subject of a number of analyst reports. Mizuho upped their price target on Plains GP from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, September 21st. JPMorgan Chase & Co. raised their price objective on Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Citigroup boosted their price objective on Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. Wells Fargo & Company boosted their price objective on Plains GP from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Truist Financial upped their target price on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th.

Plains GP Trading Up 1.6%

PAGP stock opened at $25.91 on Friday. Plains GP has a 52-week low of $17.42 and a 52-week high of $28.96. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The firm has a market cap of $5.13 billion, a P/E ratio of 48.89 and a beta of 0.54. The company’s 50-day simple moving average is $27.21 and its 200-day simple moving average is $24.87.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a yield of 6.4%. Plains GP’s dividend payout ratio (DPR) is currently 75.23%.

Institutional Investors Weigh In On Plains GP

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in Plains GP by 86.3% during the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock valued at $91,116,000 after purchasing an additional 1,738,351 shares in the last quarter. Artemis Investment Management LLP grew its position in shares of Plains GP by 18.1% in the third quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company’s stock valued at $161,390,000 after purchasing an additional 955,231 shares during the period. Bahl & Gaynor LLC grew its position in shares of Plains GP by 49.9% in the third quarter. Bahl & Gaynor LLC now owns 1,819,283 shares of the pipeline company’s stock valued at $47,119,000 after purchasing an additional 605,701 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of Plains GP in the second quarter valued at about $6,251,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of Plains GP in the third quarter valued at about $5,106,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Company Profile

Plains GP Holdings is a publicly traded holding company whose primary business is its ownership interest in Plains All American Pipeline. Through that relationship, it is tied to a midstream energy business focused on transporting, storing, gathering and marketing crude oil and natural gas liquids. Plains All American Pipeline operates pipelines, storage facilities and other logistics infrastructure that connect energy producers with refineries and other customers. Its operations span the United States and Canada, serving key crude oil and natural gas liquids markets.