Analysts Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $20.50

Plains GP Holdings, L.P. (NYSE:PAGP) has been assigned a consensus rating of “Hold” from the eight research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $20.50.

A number of equities research analysts have recently weighed in on PAGP shares. Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 18th. Morgan Stanley reduced their price objective on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Wolfe Research reissued a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. increased their price target on shares of Plains GP from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 18th.

Hedge Funds Weigh In On Plains GP

Large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its stake in Plains GP by 75.3% during the second quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after purchasing an additional 125,169 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Plains GP by 17.7% in the 2nd quarter. Advisory Services Network LLC now owns 75,451 shares of the pipeline company’s stock valued at $1,479,000 after buying an additional 11,326 shares in the last quarter. Asset Dedication LLC acquired a new stake in Plains GP in the 2nd quarter worth approximately $83,000. Evergreen Capital Management LLC boosted its stake in Plains GP by 3.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 740,252 shares of the pipeline company’s stock worth $14,383,000 after purchasing an additional 23,554 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Plains GP by 66.8% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 42,113 shares of the pipeline company’s stock valued at $819,000 after acquiring an additional 16,871 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

PAGP stock opened at $18.70 on Monday. The firm’s 50-day moving average price is $19.22 and its two-hundred day moving average price is $19.23. Plains GP has a 12-month low of $16.60 and a 12-month high of $22.31. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 35.28 and a beta of 0.76. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date was Thursday, July 31st. Plains GP’s dividend payout ratio (DPR) is currently 220.29%.

About Plains GP

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.