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

Plains GP Holdings, L.P. (NYSE:PAGP) has received a consensus rating of “Hold” from the thirteen research firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, four have assigned 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 $23.5455.

A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their price target on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. Citigroup boosted their target price on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Barclays raised their price target on shares of Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a report on Thursday, July 16th.

Institutional Investors Weigh In On Plains GP

Hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Plains GP by 6.1% during the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock valued at $10,003,000 after purchasing an additional 26,952 shares in the last quarter. Natixis purchased a new stake in shares of Plains GP during the second quarter worth approximately $1,029,000. Qube Research & Technologies Ltd increased its position in shares of Plains GP by 7.6% during the second quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company’s stock worth $19,247,000 after purchasing an additional 69,970 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Plains GP by 5.9% during the second quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company’s stock worth $1,635,000 after purchasing an additional 4,692 shares in the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in Plains GP in the 2nd quarter valued at $279,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of NYSE:PAGP opened at $26.84 on Monday. The business’s 50-day moving average is $25.10 and its 200 day moving average is $24.05. Plains GP has a 1 year low of $16.68 and a 1 year high of $27.17. The firm has a market capitalization of $5.31 billion, a P/E ratio of 50.64 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.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.2%. The ex-dividend date was Friday, July 31st. Plains GP’s dividend payout ratio is 59.86%.

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.