Analysts Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $23.00

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have earned a consensus rating of “Hold” from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $23.00.

Several equities research analysts recently weighed in on PAGP shares. Wells Fargo & Company boosted their target price on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Morgan Stanley boosted their target price on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Mizuho upped their price target on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Caprock Group LLC acquired a new position in shares of Plains GP during the third quarter worth approximately $3,088,000. CWA Asset Management Group LLC lifted its holdings in shares of Plains GP by 19.3% during the fourth quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company’s stock worth $2,992,000 after buying an additional 25,321 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Plains GP by 14.4% during the fourth quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock worth $15,998,000 after buying an additional 105,448 shares during the last quarter. Meritage Portfolio Management lifted its holdings in shares of Plains GP by 36.5% during the fourth quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company’s stock worth $6,018,000 after buying an additional 84,042 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Plains GP by 3.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock worth $71,296,000 after buying an additional 140,000 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Down 0.0%

PAGP opened at $24.38 on Wednesday. The business has a 50 day moving average price of $24.11 and a 200 day moving average price of $22.01. Plains GP has a twelve month low of $16.68 and a twelve month high of $26.15. 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 firm has a market cap of $4.82 billion, a P/E ratio of 46.00 and a beta of 0.46.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a dividend of $0.4175 per share. The ex-dividend date was Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. Plains GP’s payout ratio is 172.16%.

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.