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

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have received a consensus rating of “Hold” from the twelve brokerages that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, five have given a hold recommendation, two have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $21.60.

A number of research analysts recently issued reports on the stock. Bank of America lowered shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a report on Wednesday, January 28th. Barclays boosted their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Morgan Stanley raised their price target on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Stifel Nicolaus lifted their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Finally, Citigroup boosted their price objective on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC raised its position in shares of Plains GP by 3.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after acquiring an additional 99,655 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Plains GP by 70.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company’s stock valued at $376,000 after purchasing an additional 8,111 shares during the period. Corient Private Wealth LLC increased its position in Plains GP by 1.6% during the 4th quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock valued at $4,731,000 after purchasing an additional 3,890 shares during the period. Mackenzie Financial Corp raised its holdings in Plains GP by 22.1% during the 4th quarter. Mackenzie Financial Corp now owns 874,671 shares of the pipeline company’s stock worth $16,630,000 after purchasing an additional 158,368 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Plains GP by 17.3% in the 4th quarter. NewEdge Advisors LLC now owns 106,620 shares of the pipeline company’s stock worth $2,041,000 after purchasing an additional 15,718 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

Shares of PAGP stock opened at $24.44 on Friday. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 46.11 and a beta of 0.56. 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 business’s 50-day moving average price is $22.06 and its 200-day moving average price is $19.63. Plains GP has a 12 month low of $16.60 and a 12 month high of $24.49.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date was Friday, January 30th. Plains GP’s payout ratio is 129.46%.

About Plains GP

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.