Brokerages Set Plains GP Holdings, L.P. (NYSE:PAGP) PT at $23.00

Plains GP Holdings, L.P. (NYSE:PAGP) has been given an average recommendation of “Hold” by the fourteen brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $23.00.

Several research firms have issued reports on PAGP. Morgan Stanley increased their price objective on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Truist Financial initiated coverage on shares of Plains GP in a research note on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Barclays raised their price objective on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Finally, Stifel Nicolaus boosted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th.

Plains GP Stock Performance

Shares of PAGP stock opened at $23.69 on Wednesday. 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 50 day simple moving average of $24.10 and a 200-day simple moving average of $22.11. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 44.70 and a beta of 0.46. Plains GP has a 12-month low of $16.68 and a 12-month high of $26.15.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, May 1st. This represents a $1.67 annualized dividend and a dividend yield of 7.0%. Plains GP’s payout ratio is 172.16%.

Hedge Funds Weigh In On Plains GP

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Plains GP by 86.3% in the 1st quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company’s stock valued at $91,116,000 after purchasing an additional 1,738,351 shares during the last quarter. Pathstone Holdings LLC boosted its stake in shares of Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after purchasing an additional 1,427,743 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Plains GP during the third quarter worth about $9,629,000. Qube Research & Technologies Ltd raised its position in shares of Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after buying an additional 456,426 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of Plains GP by 510.6% during the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock valued at $9,945,000 after buying an additional 434,499 shares during the period. 88.30% of the stock is 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.