Analysts Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $20.38

Plains GP Holdings, L.P. (NYSE:PAGP) has received an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, one has issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $20.4286.

A number of analysts recently commented on the company. Barclays reduced their price objective on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, October 7th. Raymond James Financial lowered their target price on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 24th. Zacks Research raised Plains GP from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. dropped their price target on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 18th. Finally, Morgan Stanley increased their price target on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th.

Plains GP Price Performance

PAGP opened at $18.70 on Wednesday. The company’s 50-day simple moving average is $17.96 and its two-hundred day simple moving average is $18.62. Plains GP has a 52-week low of $16.60 and a 52-week high of $22.31. The stock has a market capitalization of $3.70 billion, a P/E ratio of 35.28 and a beta of 0.57. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a $0.38 dividend. The ex-dividend date was Friday, October 31st. This represents a $1.52 annualized dividend and a yield of 8.1%. Plains GP’s payout ratio is presently 163.44%.

Institutional Investors Weigh In On Plains GP

A number of hedge funds have recently made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new stake in Plains GP in the 3rd quarter worth approximately $9,629,000. Asset Dedication LLC lifted its position in Plains GP by 172.5% during the third quarter. Asset Dedication LLC now owns 11,687 shares of the pipeline company’s stock valued at $213,000 after purchasing an additional 7,398 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Plains GP in the 3rd quarter worth $249,000. Advisory Services Network LLC raised its position in shares of Plains GP by 30.1% during the 3rd quarter. Advisory Services Network LLC now owns 98,180 shares of the pipeline company’s stock valued at $1,791,000 after buying an additional 22,729 shares in the last quarter. Finally, Abel Hall LLC lifted its holdings in shares of Plains GP by 32.9% in the 3rd quarter. Abel Hall LLC now owns 20,200 shares of the pipeline company’s stock valued at $368,000 after acquiring an additional 5,000 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other 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.