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

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have been assigned a consensus recommendation of “Hold” from the fourteen research firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $23.00.

PAGP has been the topic of several research reports. Truist Financial initiated coverage on Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. Citigroup lifted their price objective on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Finally, Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st.

Plains GP Stock Down 1.1%

Shares of NYSE:PAGP opened at $24.35 on Wednesday. Plains GP has a 1 year low of $16.68 and a 1 year high of $26.15. The company has a market cap of $4.82 billion, a PE ratio of 45.94 and a beta of 0.46. 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 stock’s 50-day moving average is $24.09 and its 200 day moving average is $21.90.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s payout ratio is presently 172.16%.

Institutional Trading of Plains GP

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cibc World Market Inc. grew its stake in shares of Plains GP by 3.8% in the 3rd quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock worth $296,000 after buying an additional 597 shares during the last quarter. CWM LLC grew its stake in shares of Plains GP by 8.5% in the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after buying an additional 636 shares during the last quarter. McIlrath & Eck LLC grew its stake in shares of Plains GP by 5.9% in the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock worth $295,000 after buying an additional 677 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Plains GP by 1.8% in the 1st quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company’s stock worth $976,000 after buying an additional 698 shares during the last quarter. Finally, IVC Wealth Advisors LLC grew its stake in shares of Plains GP by 4.7% in the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock worth $391,000 after buying an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

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.