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

Key Points

• Analysts: Plains GP has an average rating of Hold from 12 brokerages (3 sell, 5 hold, 2 buy, 2 strong buy), with an average 1‑year price target of $21.60.
• Market/valuation: PAGP opened at $24.44 and is trading near its 12‑month high of $24.49, with 50‑day and 200‑day moving averages of $22.06 and $19.63, a market cap of ~$4.84B and a P/E of 46.11.
• Dividend: Plains GP pays a quarterly dividend of $0.4175 (annualized $1.67) implying a 6.8% yield, but the dividend payout ratio is about 129%, signaling potential sustainability concerns.

Shares of Plains GP Holdings, L.P. (NYSE:PAGP - Get Free Report) have been assigned an average rating of "Hold" from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $21.60.

Several research analysts have commented on the stock. Truist Financial began coverage on shares of Plains GP in a research report on Tuesday. They set a "buy" rating and a $23.00 price objective for the company. Morgan Stanley raised their target price on 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 cut Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 price target for the company. in a report on Wednesday, January 28th. Mizuho set a $23.00 price objective on Plains GP in a research report on Friday, January 23rd. Finally, Citigroup raised their price objective on Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Tuesday, February 10th.

Plains GP Price Performance

PAGP stock opened at $24.44 on Friday. The company's 50-day moving average price is $22.06 and its two-hundred day moving average price is $19.63. The firm has a market cap of $4.84 billion, a P/E ratio of 46.11 and a beta of 0.56. 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 $24.49.

Plains GP Dividend Announcement

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

Hedge Funds Weigh In On Plains GP

A number of institutional investors have recently added to or reduced their stakes in PAGP. Pathstone Holdings LLC lifted its stake in Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company's stock valued at $37,490,000 after purchasing an additional 1,427,743 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Plains GP during the third quarter worth $9,629,000. Chickasaw Capital Management LLC lifted its stake in shares of Plains GP by 5.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company's stock valued at $161,110,000 after acquiring an additional 494,259 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Plains GP by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company's stock valued at $31,924,000 after acquiring an additional 466,773 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Plains GP by 46.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company's stock valued at $26,393,000 after acquiring an additional 456,426 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.

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