Plains GP Holdings, L.P. (NYSE:PAGP) Stock Rated "Hold" by Sell-Side Brokerages

Key Points

• Analyst consensus is “Hold”: Of 14 firms covering Plains GP, six rate it Hold, five Buy, one Strong Buy, and two Sell. The average one-year price target is $26.
• Recent analyst actions were mixed: Mizuho raised its target to $30 and maintained Outperform, while Zacks Research downgraded the stock from Strong Buy to Hold.
• Plains GP declared a quarterly dividend of $0.4175 per share, equivalent to $1.67 annually and a stated yield of 6.5%.

Shares of Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) have been assigned an average recommendation of "Hold" from the fourteen research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $26.00.

A number of equities research analysts have issued reports on the stock. Mizuho boosted their target price on shares of Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a report on Monday, September 21st. Zacks Research lowered Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. JPMorgan Chase & Co. boosted their price target on shares of Plains GP from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. Truist Financial lifted their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Finally, Morgan Stanley lifted their price objective on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 18th.

Institutional Investors Weigh In On Plains GP

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Plains GP by 86.3% in the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock worth $91,116,000 after purchasing an additional 1,738,351 shares during the period. Artemis Investment Management LLP raised its stake in shares of Plains GP by 18.1% in the 3rd quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company's stock valued at $161,390,000 after acquiring an additional 955,231 shares during the period. Bahl & Gaynor LLC grew its stake in shares of Plains GP by 49.9% during the third quarter. Bahl & Gaynor LLC now owns 1,819,283 shares of the pipeline company's stock worth $47,119,000 after purchasing an additional 605,701 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Plains GP during the 2nd quarter worth approximately $6,251,000. Finally, Pictet Asset Management Holding SA acquired a new stake in Plains GP in the 3rd quarter valued at about $5,106,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Price Performance

Shares of Plains GP stock opened at $25.78 on Friday. Plains GP has a fifty-two week low of $17.21 and a fifty-two week high of $28.96. 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 firm has a fifty day moving average price of $27.36 and a two-hundred day moving average price of $24.79. The company has a market cap of $5.10 billion, a PE ratio of 48.64 and a beta of 0.54.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Friday, October 30th. Plains GP's dividend payout ratio (DPR) is presently 59.86%.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America's major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company's operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.

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