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

Plains GP Holdings, L.P. (NYSE:PAGP) has been given an average recommendation of “Hold” by the fourteen research firms that are presently covering the stock, Marketbeat Ratings 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 1-year price target among analysts that have issued a report on the stock in the last year is $23.00.

Several brokerages have issued reports on PAGP. Wells Fargo & Company raised their target price on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Mizuho raised their target price on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Finally, Stifel Nicolaus raised their target price on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Cibc World Market Inc. lifted its position in shares of Plains GP by 3.8% during the 3rd quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock valued at $296,000 after buying an additional 597 shares in the last quarter. CWM LLC lifted its position in shares of Plains GP by 8.5% during the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after buying an additional 636 shares in the last quarter. McIlrath & Eck LLC lifted its position in shares of Plains GP by 5.9% during the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock valued at $295,000 after buying an additional 677 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Plains GP by 1.8% during the 1st quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company’s stock valued at $976,000 after buying an additional 698 shares in the last quarter. Finally, IVC Wealth Advisors LLC lifted its position in shares of Plains GP by 4.7% during the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock valued at $391,000 after buying an additional 722 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Performance

Shares of NYSE:PAGP opened at $24.38 on Wednesday. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 46.00 and a beta of 0.46. 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 stock’s 50-day simple moving average is $24.11 and its two-hundred day simple moving average is $22.03. Plains GP has a 52-week low of $16.68 and a 52-week high of $26.15.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s dividend payout ratio (DPR) is presently 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.