Resona Asset Management Co. Ltd. purchased a new stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 36,345 shares of the pipeline company's stock, valued at approximately $668,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of PAGP. Chickasaw Capital Management LLC increased its position in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock worth $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Plains GP by 11.7% in the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after buying an additional 646,130 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Plains GP by 10.0% during the 4th quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock valued at $58,213,000 after buying an additional 288,430 shares in the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of Plains GP by 2.3% during the 4th quarter. Miller Howard Investments Inc. NY now owns 1,535,470 shares of the pipeline company's stock worth $28,222,000 after acquiring an additional 34,894 shares during the last quarter. Finally, Cinctive Capital Management LP increased its stake in Plains GP by 5.1% in the fourth quarter. Cinctive Capital Management LP now owns 1,043,206 shares of the pipeline company's stock valued at $19,174,000 after acquiring an additional 50,868 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.
Plains GP Trading Up 1.7 %
PAGP stock traded up $0.32 during trading on Tuesday, reaching $18.64. The company had a trading volume of 884,594 shares, compared to its average volume of 1,595,726. The business has a 50 day moving average of $20.60 and a 200 day moving average of $19.68. 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 company has a market cap of $3.69 billion, a P/E ratio of 35.17 and a beta of 1.11. Plains GP Holdings, L.P. has a 52 week low of $16.61 and a 52 week high of $22.31.
Plains GP Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 8.15%. Plains GP's payout ratio is 286.79%.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. Barclays cut their price objective on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a report on Thursday, April 10th. Raymond James upped their target price on Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 28th. Wolfe Research upgraded shares of Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price objective for the company in a report on Friday, January 10th. StockNews.com lowered Plains GP from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley upped their price target on shares of Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $21.00.
Check Out Our Latest Stock Report on Plains GP
Plains GP Profile
(
Free Report)
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.
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