Plains GP Holdings, L.P. (NYSE:PAGP – Get Free Report) has been given a consensus rating of “Hold” by the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $24.5455.
PAGP has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and increased their price objective for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Mizuho raised their price objective on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Morgan Stanley boosted their target price on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 18th.
Check Out Our Latest Research Report on PAGP
Plains GP Stock Up 0.2%
Plains GP Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.4175 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.0%. Plains GP’s dividend payout ratio (DPR) is currently 59.86%.
Institutional Trading of Plains GP
A number of hedge funds have recently bought and sold shares of the company. First Bancorp Inc ME purchased a new position in shares of Plains GP in the second quarter worth approximately $30,000. North Star Investment Management Corp. acquired a new position in Plains GP in the 1st quarter worth approximately $56,000. Continuum Advisory LLC purchased a new position in Plains GP during the 2nd quarter worth approximately $61,000. Ameritas Advisory Services LLC purchased a new position in Plains GP during the 2nd quarter worth approximately $64,000. Finally, O Domhnaill Enterprises Inc. purchased a new position in Plains GP during the 1st quarter worth approximately $66,000. 88.30% of the stock is owned by hedge funds and other institutional investors.
About Plains GP
Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.
Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.
Plains’ operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.
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