Brokerages Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $21.60

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have been given a consensus recommendation of “Hold” by the twelve research firms that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $21.60.

Several equities analysts have recently issued reports on the stock. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research note on Wednesday, January 28th. Stifel Nicolaus raised their target price 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. Barclays lifted their price target on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, February 9th. Morgan Stanley increased their price objective on Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 18th. Finally, Citigroup raised their price objective on 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. boosted its position in Plains GP by 56.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 645 shares during the last quarter. Larson Financial Group LLC acquired a new position in Plains GP in the 3rd quarter valued at $46,000. Lazard Asset Management LLC increased its stake in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the period. Asset Dedication LLC bought a new stake in shares of Plains GP in the second quarter valued at approximately $83,000. Finally, Virtus Advisers LLC increased its holdings in shares of Plains GP by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after purchasing an additional 1,859 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Trading Up 1.4%

Shares of PAGP stock opened at $24.06 on Friday. The stock has a 50-day simple moving average of $22.44 and a 200 day simple moving average of $19.82. The stock has a market capitalization of $4.76 billion, a P/E ratio of 45.40 and a beta of 0.56. Plains GP has a fifty-two week low of $16.60 and a fifty-two week high of $24.75. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $0.4175 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.9%. Plains GP’s dividend payout ratio (DPR) is 129.46%.

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.