Shares of Plains GP Holdings, L.P. (NYSE:PAGP – Get Free Report) have been assigned an average rating of “Hold” from the eight brokerages that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $17.22.
A number of equities analysts recently issued reports on the company. Truist Financial upped their price target on Plains GP from $17.00 to $21.00 and gave the company a “buy” rating in a report on Monday, November 6th. StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th.
Plains GP Stock Performance
Plains GP Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be issued a $0.3175 dividend. This is an increase from Plains GP’s previous quarterly dividend of $0.27. This represents a $1.27 annualized dividend and a dividend yield of 7.83%. The ex-dividend date is Tuesday, January 30th. Plains GP’s dividend payout ratio is presently 124.51%.
Institutional Investors Weigh In On Plains GP
Several large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Plains GP by 41.4% during the first quarter. Goldman Sachs Group Inc. now owns 11,333,168 shares of the pipeline company’s stock worth $130,898,000 after purchasing an additional 3,318,007 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Plains GP by 88.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,772,217 shares of the pipeline company’s stock worth $60,167,000 after purchasing an additional 1,774,438 shares during the period. Jennison Associates LLC lifted its holdings in shares of Plains GP by 43.7% during the third quarter. Jennison Associates LLC now owns 4,958,406 shares of the pipeline company’s stock worth $79,930,000 after purchasing an additional 1,506,884 shares during the period. Millennium Management LLC lifted its holdings in shares of Plains GP by 68.5% during the fourth quarter. Millennium Management LLC now owns 3,254,876 shares of the pipeline company’s stock worth $40,491,000 after purchasing an additional 1,322,722 shares during the period. Finally, KGH Ltd lifted its holdings in shares of Plains GP by 688.4% during the second quarter. KGH Ltd now owns 1,274,669 shares of the pipeline company’s stock worth $18,903,000 after purchasing an additional 1,113,000 shares during the period. 84.45% of the stock is owned by institutional investors and hedge funds.
About Plains GP
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.
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