Brokerages Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $20.88

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have been assigned a consensus recommendation of “Hold” from the eight research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.8750.

Several brokerages recently issued reports on PAGP. Wall Street Zen upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Citigroup cut their price target on shares of Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, May 13th. Mizuho upped their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, June 18th. Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of Plains GP from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Wednesday, June 18th.

Plains GP Stock Up 0.2%

Shares of NYSE:PAGP opened at $18.86 on Thursday. Plains GP has a 52-week low of $16.60 and a 52-week high of $22.31. The firm has a fifty day moving average of $19.40 and a 200 day moving average of $19.55. The firm has a market capitalization of $3.73 billion, a PE ratio of 35.59 and a beta of 0.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 8.1%. The ex-dividend date was Thursday, July 31st. Plains GP’s dividend payout ratio is presently 220.29%.

Institutional Trading of Plains GP

Several institutional investors have recently added to or reduced their stakes in PAGP. Huntington National Bank purchased a new stake in Plains GP during the second quarter valued at about $31,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Plains GP by 378.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 1,580 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Plains GP during the second quarter worth about $51,000. CWM LLC boosted its holdings in shares of Plains GP by 394.5% during the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 2,300 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

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.