Plains GP Holdings, L.P. (NYSE:PAGP) Receives $21.60 Consensus Price Target from Brokerages

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

PAGP has been the subject of several recent analyst reports. Barclays raised their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Morgan Stanley boosted their price target on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, March 18th. Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a research report on Wednesday, January 28th. Truist Financial assumed coverage on shares of Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $24.46 on Friday. 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 $16.60 and a 12 month high of $24.76. The company has a market cap of $4.84 billion, a price-to-earnings ratio of 46.15 and a beta of 0.56. The business has a fifty day simple moving average of $22.14 and a 200-day simple moving average of $19.68.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $0.4175 per share. The ex-dividend date was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. Plains GP’s payout ratio is currently 129.46%.

Institutional Investors Weigh In On Plains GP

Institutional investors have recently bought and sold shares of the business. Energy Income Partners LLC grew its stake in Plains GP by 1.0% during the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock valued at $185,987,000 after acquiring an additional 102,916 shares in the last quarter. Chickasaw Capital Management LLC lifted its position in shares of Plains GP by 5.9% in the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after purchasing an additional 494,259 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Plains GP by 1.5% during the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock worth $80,006,000 after purchasing an additional 66,695 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Plains GP by 3.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after purchasing an additional 140,000 shares in the last quarter. Finally, UBS Group AG grew its position in Plains GP by 1.7% during the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock valued at $65,225,000 after purchasing an additional 58,003 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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.