Plains GP Holdings LP to Issue Quarterly Dividend of $0.18 (NYSE:PAGP)

Plains GP Holdings LP (NYSE:PAGP) announced a quarterly dividend on Tuesday, July 7th, Wall Street Journal reports. Stockholders of record on Friday, July 31st will be paid a dividend of 0.18 per share by the pipeline company on Friday, August 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 8.21%. The ex-dividend date of this dividend is Thursday, July 30th.

Plains GP has a payout ratio of -102.9% 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 analysts expect Plains GP to earn $1.28 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 56.3%.

Shares of PAGP traded up $0.10 during trading hours on Tuesday, reaching $8.77. 2,797,800 shares of the company’s stock traded hands, compared to its average volume of 3,850,991. The stock has a market cap of $1.62 billion, a PE ratio of -4.16 and a beta of 2.38. The company has a current ratio of 0.91, a quick ratio of 0.86 and a debt-to-equity ratio of 0.88. The firm’s 50 day simple moving average is $9.90 and its 200-day simple moving average is $12.07. Plains GP has a 12 month low of $3.04 and a 12 month high of $25.69.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $7.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $7.28. The firm had revenue of $8.27 billion during the quarter, compared to the consensus estimate of $9.22 billion. Plains GP had a positive return on equity of 11.68% and a negative net margin of 1.18%. As a group, analysts expect that Plains GP will post 1.62 earnings per share for the current fiscal year.

PAGP has been the topic of a number of research reports. Zacks Investment Research cut Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, July 1st. Robert W. Baird cut Plains GP from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $21.00 to $12.00 in a research note on Monday, March 9th. Raymond James cut Plains GP from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $25.00 to $14.00 in a research note on Thursday, March 12th. ValuEngine raised Plains GP from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 2nd. Finally, SunTrust Banks decreased their price target on Plains GP from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Plains GP currently has a consensus rating of “Hold” and an average price target of $12.95.

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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Dividend History for Plains GP (NYSE:PAGP)

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