Analysts Set Plains GP Holdings, L.P. (NYSE:PAGP) PT at $23.36

Plains GP Holdings, L.P. (NYSE:PAGP) has been given an average rating of “Hold” by the thirteen ratings firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $23.3636.

Several research firms have issued reports on PAGP. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. US Capital Advisors downgraded Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Barclays boosted their target price on Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. 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 report on Tuesday, May 12th. Finally, Mizuho raised their price target on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th.

Plains GP Price Performance

PAGP opened at $25.08 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $4.96 billion, a P/E ratio of 47.32 and a beta of 0.45. The stock has a 50-day moving average price of $24.83 and a 200-day moving average price of $23.61. Plains GP has a 12-month low of $16.68 and a 12-month high of $26.77.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.4175 dividend. The ex-dividend date is Friday, July 31st. This represents a $1.67 annualized dividend and a dividend yield of 6.7%. Plains GP’s dividend payout ratio (DPR) is currently 172.16%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Meritage Portfolio Management increased its position 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 valued at $6,018,000 after buying an additional 84,042 shares during the period. Miller Howard Investments Inc. NY boosted its position in Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock valued at $34,514,000 after acquiring an additional 291,397 shares in the last quarter. HF Advisory Group LLC raised its position in shares of Plains GP by 37.9% in the 4th quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company’s stock worth $5,097,000 after acquiring an additional 73,248 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in shares of Plains GP by 14.4% in the 4th quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock valued at $15,998,000 after purchasing an additional 105,448 shares during the period. Finally, Advisors Capital Management LLC boosted its position in shares of Plains GP by 6.1% during the fourth quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company’s stock valued at $54,165,000 after purchasing an additional 163,094 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other 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.