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

Key Points

• Analyst consensus is “Hold”: Among 13 brokerages, six rated Plains GP Holdings a hold, four a buy, one a strong buy and two a sell. The average 12-month price target is $23.55.
• Shares are trading near their yearly high: PAGP opened at $26.84, compared with a 52-week range of $16.68 to $27.17, and has a market capitalization of approximately $5.31 billion.
• Dividend yield remains attractive: Plains GP paid a quarterly dividend of $0.4175, equivalent to $1.67 annually and a 6.2% yield, with a payout ratio of 59.86%.

Shares of Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) have been given an average recommendation of "Hold" by the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $23.5455.

Several equities research analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Barclays boosted their price objective on shares of Plains GP from $21.00 to $23.00 and gave the stock an "underweight" rating in a research note on Thursday, July 16th. US Capital Advisors lowered Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Wells Fargo & Company increased their target price on Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Finally, Citigroup lifted their price target on Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Thursday, May 14th.

Plains GP Price Performance

Shares of Plains GP stock opened at $26.84 on Monday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP has a 1 year low of $16.68 and a 1 year high of $27.17. The firm's 50-day moving average is $25.10 and its two-hundred day moving average is $24.05. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 50.64 and a beta of 0.46.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.2%. The ex-dividend date was Friday, July 31st. Plains GP's payout ratio is 59.86%.

Hedge Funds Weigh In On Plains GP

Large investors have recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC bought a new stake in shares of Plains GP in the 2nd quarter valued at about $64,000. Angeles Wealth Management LLC lifted its position in Plains GP by 4.7% during the second quarter. Angeles Wealth Management LLC now owns 84,656 shares of the pipeline company's stock valued at $2,055,000 after acquiring an additional 3,762 shares during the last quarter. OceanIQ Capital LLC purchased a new stake in Plains GP during the second quarter valued at approximately $203,000. NEOS Investment Management LLC boosted its stake in Plains GP by 32.3% in the second quarter. NEOS Investment Management LLC now owns 500,799 shares of the pipeline company's stock valued at $12,154,000 after acquiring an additional 122,149 shares in the last quarter. Finally, Continuum Advisory LLC acquired a new stake in Plains GP in the second quarter valued at approximately $61,000. 88.30% of the stock is currently owned by institutional investors.

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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