Analysts Set Plains GP Holdings, L.P. (NYSE:PAGP) Target Price at $19.88

Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have received an average recommendation of “Hold” from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $19.88.

A number of brokerages have recently weighed in on PAGP. Wolfe Research upgraded shares of Plains GP to a “hold” rating in a report on Wednesday, September 18th. Morgan Stanley downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Finally, StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th.

Institutional Investors Weigh In On Plains GP

A number of large investors have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Plains GP by 6.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock valued at $219,572,000 after acquiring an additional 703,158 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in shares of Plains GP by 2.1% in the 2nd quarter. Westwood Holdings Group Inc. now owns 5,393,558 shares of the pipeline company’s stock worth $101,507,000 after purchasing an additional 113,098 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Plains GP by 1.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after purchasing an additional 53,000 shares in the last quarter. Hennessy Advisors Inc. boosted its stake in shares of Plains GP by 18.1% during the 2nd quarter. Hennessy Advisors Inc. now owns 1,822,200 shares of the pipeline company’s stock valued at $34,294,000 after purchasing an additional 279,100 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Plains GP by 10.5% during the second quarter. Mackenzie Financial Corp now owns 1,804,713 shares of the pipeline company’s stock valued at $33,965,000 after buying an additional 171,217 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

NYSE:PAGP opened at $19.13 on Friday. Plains GP has a 1-year low of $15.25 and a 1-year high of $20.10. 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 business has a 50 day moving average of $18.65 and a 200 day moving average of $18.70. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 22.51 and a beta of 1.57.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.3175 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a yield of 6.64%. Plains GP’s dividend payout ratio is presently 149.41%.

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.