Plains GP Holdings, L.P. (NYSE:PAGP) Raises Dividend to $0.38 Per Share

Plains GP Holdings, L.P. (NYSE:PAGP) announced a quarterly dividend on Tuesday, January 7th,Wall Street Journal reports. Shareholders of record on Friday, January 31st will be paid a dividend of 0.38 per share by the pipeline company on Friday, February 14th. This represents a $1.52 dividend on an annualized basis and a yield of 7.63%. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Plains GP’s previous quarterly dividend of $0.32.

Plains GP Stock Up 6.1 %

Shares of NYSE PAGP traded up $1.15 during midday trading on Thursday, hitting $19.93. 3,325,209 shares of the company’s stock were exchanged, compared to its average volume of 1,795,393. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm’s fifty day simple moving average is $18.71 and its 200-day simple moving average is $18.79. The company has a market cap of $3.94 billion, a PE ratio of 23.45 and a beta of 1.58. Plains GP has a twelve month low of $15.78 and a twelve month high of $20.10.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PAGP. Wolfe Research raised Plains GP to a “hold” rating in a report on Wednesday, September 18th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Finally, Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.88.

Plains GP Company Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.