Brokerages Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $20.88

Plains GP Holdings, L.P. (NYSE:PAGP) has been given an average recommendation of “Hold” by the eight brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $20.8750.

Several equities research analysts have recently issued reports on PAGP shares. JPMorgan Chase & Co. increased their price objective on shares of Plains GP from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 18th. Wolfe Research reaffirmed a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Citigroup cut their price objective on Plains GP from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Mizuho boosted their price objective on Plains GP from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen upgraded Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, May 16th.

Institutional Investors Weigh In On Plains GP

A number of hedge funds have recently bought and sold shares of the business. Evergreen Capital Management LLC grew its holdings in Plains GP by 3.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 740,252 shares of the pipeline company’s stock worth $14,383,000 after acquiring an additional 23,554 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Plains GP by 66.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 42,113 shares of the pipeline company’s stock worth $819,000 after purchasing an additional 16,871 shares during the last quarter. Corient Private Wealth LLC grew its stake in Plains GP by 3.3% in the second quarter. Corient Private Wealth LLC now owns 241,961 shares of the pipeline company’s stock worth $4,701,000 after purchasing an additional 7,823 shares in the last quarter. Captrust Financial Advisors increased its holdings in Plains GP by 2.4% in the second quarter. Captrust Financial Advisors now owns 51,175 shares of the pipeline company’s stock valued at $994,000 after buying an additional 1,200 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its stake in Plains GP by 24.2% during the second quarter. BROOKFIELD Corp ON now owns 30,314 shares of the pipeline company’s stock valued at $589,000 after buying an additional 5,900 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

Plains GP stock opened at $18.83 on Thursday. Plains GP has a 12 month low of $16.60 and a 12 month high of $22.31. The stock’s 50-day moving average is $19.40 and its 200-day moving average is $19.59. 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 company has a market cap of $3.72 billion, a price-to-earnings ratio of 35.53 and a beta of 0.70.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.1%. Plains GP’s dividend payout ratio is currently 220.29%.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.