Plains GP Holdings, L.P. (NYSE:PAGP) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Analysts rate Plains GP a "Hold" — 12 analysts cover the stock (3 sell, 5 hold, 2 buy, 2 strong buy) with an average 12‑month price target of $21.90.
• Plains GP announced a quarterly dividend of $0.4175 (ex‑dividend May 1, payable May 15), equal to an annualized $1.67 and a 7.4% yield but a high payout ratio of 129.46%.
• The stock opened at $22.69 with a 12‑month range of $16.68–$24.75, a market cap of $4.49B and a P/E of 42.8, while institutional investors own about 88.3% amid recent hedge‑fund accumulation.

Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) has been given an average rating of "Hold" by the twelve analysts that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $21.90.

A number of research firms have commented on PAGP. Mizuho set a $23.00 price target on Plains GP in a report on Friday, January 23rd. Zacks Research lowered Plains GP from a "hold" rating to a "strong sell" rating in a research note on Thursday, March 12th. Truist Financial started coverage on Plains GP in a research note on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price objective for the company. Bank of America lowered Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 price objective for the company. in a research note on Wednesday, January 28th. Finally, Wells Fargo & Company upped their price objective on Plains GP from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th.

Plains GP Price Performance

NYSE PAGP opened at $22.69 on Tuesday. Plains GP has a 12 month low of $16.68 and a 12 month high of $24.75. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 42.81 and a beta of 0.50. The company's 50 day moving average is $23.10 and its two-hundred day moving average is $20.26. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 1st will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.4%. Plains GP's dividend payout ratio is 129.46%.

Hedge Funds Weigh In On Plains GP

A number of hedge funds have recently made changes to their positions in PAGP. Pathstone Holdings LLC boosted its stake in shares of Plains GP by 227.5% in the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company's stock worth $37,490,000 after acquiring an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Plains GP in the third quarter worth about $9,629,000. Bank of America Corp DE lifted its position in shares of Plains GP by 36.4% in the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company's stock worth $31,924,000 after buying an additional 466,773 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company's stock worth $26,393,000 after buying an additional 456,426 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its position in shares of Plains GP by 510.6% in the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company's stock worth $9,945,000 after buying an additional 434,499 shares in the last quarter. Institutional investors own 88.30% of the company's stock.

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.

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