Advisors Capital Management LLC grew its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,403,410 shares of the pipeline company's stock after acquiring an additional 53,273 shares during the period. Advisors Capital Management LLC owned about 1.22% of Plains GP worth $44,175,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its position in Plains GP by 17.1% during the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company's stock valued at $11,857,000 after acquiring an additional 93,643 shares during the period. Geode Capital Management LLC increased its stake in shares of Plains GP by 2.3% during the third quarter. Geode Capital Management LLC now owns 156,635 shares of the pipeline company's stock valued at $2,898,000 after purchasing an additional 3,582 shares in the last quarter. Sfmg LLC lifted its holdings in shares of Plains GP by 87.6% during the third quarter. Sfmg LLC now owns 75,489 shares of the pipeline company's stock valued at $1,397,000 after purchasing an additional 35,240 shares during the last quarter. Chickasaw Capital Management LLC lifted its holdings in shares of Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its position in shares of Plains GP by 16.7% in the 4th quarter. 180 Wealth Advisors LLC now owns 14,000 shares of the pipeline company's stock worth $257,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 88.30% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on PAGP shares. Raymond James lifted their price objective on Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 28th. Wells Fargo & Company lowered shares of Plains GP from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, December 18th. Barclays lowered their price objective on Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research report on Thursday, April 10th. StockNews.com cut shares of Plains GP from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. Finally, Morgan Stanley lifted their price target on shares of Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Plains GP presently has a consensus rating of "Hold" and a consensus price target of $21.00.
Get Our Latest Report on Plains GP
Plains GP Stock Performance
NYSE:PAGP traded up $0.31 on Tuesday, hitting $18.63. The stock had a trading volume of 1,378,760 shares, compared to its average volume of 1,597,914. The business's 50-day simple moving average is $20.55 and its two-hundred day simple moving average is $19.67. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 35.15 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. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.
Plains GP Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.16%. The ex-dividend date of this dividend is Thursday, May 1st. Plains GP's payout ratio is 286.79%.
Plains GP Profile
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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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