Plains GP Holdings LP (NYSE:PAGP) announced a quarterly dividend on Monday, October 7th, Zacks reports. Investors of record on Thursday, October 31st will be given a dividend of 0.36 per share by the pipeline company on Thursday, November 14th. This represents a $1.44 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date is Wednesday, October 30th.
Plains GP has decreased its dividend payment by an average of 20.1% annually over the last three years. Plains GP has a payout ratio of 130.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Plains GP to earn $2.14 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 67.3%.
NYSE:PAGP opened at $20.05 on Wednesday. Plains GP has a 52 week low of $19.17 and a 52 week high of $25.82. The firm has a 50 day moving average of $21.79 and a 200 day moving average of $23.57. The company has a quick ratio of 0.87, a current ratio of 1.00 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 9.50 and a beta of 1.17.
Plains GP (NYSE:PAGP) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.08. Plains GP had a net margin of 1.47% and a return on equity of 3.71%. The company had revenue of $8.25 billion during the quarter, compared to analysts’ expectations of $7.87 billion. During the same quarter in the prior year, the company posted $0.05 earnings per share. Plains GP’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts expect that Plains GP will post 2.5 EPS for the current year.
A number of equities research analysts recently commented on PAGP shares. ValuEngine cut shares of Plains GP from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 31st. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating in a research note on Thursday, June 13th. Scotiabank assumed coverage on shares of Plains GP in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $28.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $27.43.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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