Assetmark Inc. Purchases 42,517 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Assetmark Inc. increased its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 21,473.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,715 shares of the pipeline company's stock after acquiring an additional 42,517 shares during the period. Assetmark Inc.'s holdings in Plains GP were worth $785,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chickasaw Capital Management LLC lifted its stake in shares of Plains GP by 24.7% in the 4th 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 period. Thompson Siegel & Walmsley LLC bought a new position in Plains GP in the third quarter worth approximately $13,848,000. Yaupon Capital Management LP purchased a new position in shares of Plains GP during the 3rd quarter worth $9,772,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Plains GP during the 3rd quarter worth $4,013,000. Finally, Fort Washington Investment Advisors Inc. OH grew its position in shares of Plains GP by 114.8% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 370,496 shares of the pipeline company's stock valued at $6,810,000 after acquiring an additional 198,000 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Performance

PAGP opened at $20.65 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 38.96 and a beta of 1.55. The company has a fifty day moving average of $20.89 and a 200 day moving average of $19.45. Plains GP Holdings, L.P. has a fifty-two week low of $17.17 and a fifty-two week high of $22.31.

Plains GP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.38 per share. This is a positive change from Plains GP's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.36%. Plains GP's dividend payout ratio (DPR) is presently 286.79%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PAGP shares. Wolfe Research upgraded Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 target price on the stock in a research report on Friday, January 10th. Raymond James boosted 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. StockNews.com lowered shares of Plains GP from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Barclays lifted their price target on shares of Plains GP from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company cut shares of Plains GP from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $20.60.

Remove Ads

Plains GP Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.