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

Plains GP Holdings, L.P. (NYSE:PAGP) has earned an average recommendation of “Hold” from the fourteen brokerages that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $23.00.

Several research analysts have recently commented on the company. Wells Fargo & Company lifted their price objective on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a research report on Monday, June 22nd. Mizuho raised their price target on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Citigroup boosted 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.

Institutional Investors Weigh In On Plains GP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock worth $91,116,000 after acquiring an additional 1,738,351 shares during the last quarter. Pathstone Holdings LLC raised its stake in shares of Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after acquiring an additional 1,427,743 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Plains GP during the third quarter worth about $9,629,000. Qube Research & Technologies Ltd boosted its holdings in shares of Plains GP by 46.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after purchasing an additional 456,426 shares during the period. Finally, Engineers Gate Manager LP boosted its holdings in shares of Plains GP by 510.6% during the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after purchasing an additional 434,499 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

NYSE PAGP opened at $24.43 on Friday. The company has a 50-day simple moving average of $24.22 and a two-hundred day simple moving average of $22.55. 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 has a 12-month low of $16.68 and a 12-month high of $26.15. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 46.10 and a beta of 0.45.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s payout ratio is presently 172.16%.

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.