Plains GP Holdings, L.P. (NYSE:PAGP) Stock Has Average Price Target of $25.33 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Fourteen firms give Plains GP a consensus “Moderate Buy” rating, with an average 12-month price target of $25.33.
• Institutional ownership remains high: Institutional investors and hedge funds own 88.3% of the company, with several major holders increasing their positions.
• Plains GP offers a sizable dividend: The company declared a quarterly dividend of $0.4175, equivalent to $1.67 annually and a 6.2% yield.

Shares of Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the fourteen research firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $25.33.

PAGP has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Zacks Research raised Plains GP from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Citigroup boosted their target price on Plains GP from $23.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 17th. JPMorgan Chase & Co. boosted their target price on Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Finally, Barclays increased their target price on Plains GP from $23.00 to $24.00 and gave the stock an "underweight" rating in a research note on Monday, September 21st.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Energy Income Partners LLC boosted its holdings in Plains GP by 1.4% during the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock worth $217,908,000 after buying an additional 120,765 shares in the last quarter. Artemis Investment Management LLP grew its position in Plains GP by 18.1% during the third quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company's stock worth $161,390,000 after buying an additional 955,231 shares during the period. Bank of America Corp DE grew its position in Plains GP by 3.0% during the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company's stock worth $93,818,000 after buying an additional 112,893 shares during the period. Hsbc Holdings PLC grew its position in Plains GP by 5.5% during the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock worth $69,291,000 after buying an additional 147,603 shares during the period. Finally, Miller Howard Investments Inc. NY increased its holdings in Plains GP by 25.8% in the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after buying an additional 291,397 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Up 0.5%

PAGP stock opened at $26.75 on Tuesday. Plains GP has a one year low of $16.68 and a one year high of $28.70. The stock has a market capitalization of $5.29 billion, a PE ratio of 50.47 and a beta of 0.54. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The company has a fifty day moving average of $26.81 and a 200-day moving average of $25.26.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a $0.4175 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.2%. Plains GP's payout ratio is 59.86%.

Plains GP Company Profile

Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.

Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America's major midstream energy companies.

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