Plains GP Holdings, L.P. (NYSE:PAGP) Announces $0.42 Quarterly Dividend

Plains GP Holdings, L.P. (NYSE:PAGP) announced a quarterly dividend on Monday, April 6th. Investors of record on Friday, May 1st will be given a dividend of 0.4175 per share by the pipeline company on Friday, May 15th. This represents a c) annualized dividend and a yield of 7.1%. The ex-dividend date is Friday, May 1st.

Plains GP has increased its dividend by an average of 0.1%annually over the last three years. Plains GP has a payout ratio of 105.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Plains GP to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.67 annual dividend with an expected future payout ratio of 89.3%.

Plains GP Price Performance

Plains GP stock traded down $0.67 during mid-day trading on Wednesday, reaching $23.49. 4,027,481 shares of the company were exchanged, compared to its average volume of 2,059,015. The company has a fifty day simple moving average of $22.65 and a 200-day simple moving average of $19.95. Plains GP has a 12 month low of $16.60 and a 12 month high of $24.75. 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 cap of $4.65 billion, a PE ratio of 44.32 and a beta of 0.50.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PAGP shares. Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Stifel Nicolaus lifted their price target on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Citigroup lifted their price target on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Bank of America lowered Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target on the stock. in a research note on Wednesday, January 28th. Finally, Mizuho set a $23.00 price target on Plains GP in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.60.

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.