Greenland Capital Management LP Takes Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Greenland Capital Management LP purchased a new stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 39,666 shares of the pipeline company's stock, valued at approximately $729,000.

Several other large investors have also modified their holdings of PAGP. State Street Corp boosted its stake in shares of Plains GP by 17.1% during the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company's stock worth $11,857,000 after purchasing an additional 93,643 shares during the last quarter. Custom Index Systems LLC acquired a new stake in Plains GP during the fourth quarter worth approximately $265,000. Chickasaw Capital Management LLC grew its stake in 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 acquiring an additional 1,629,008 shares during the period. Vestcor Inc raised its holdings in Plains GP by 79.1% in the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company's stock valued at $1,451,000 after acquiring an additional 34,633 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its stake in shares of Plains GP by 144.2% during the 4th quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company's stock worth $661,000 after purchasing an additional 21,146 shares during the period. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Up 1.9 %

PAGP traded up $0.34 during trading hours on Monday, reaching $18.21. 367,224 shares of the stock traded hands, compared to its average volume of 1,823,700. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. 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 $3.60 billion, a price-to-earnings ratio of 34.36 and a beta of 1.11. The firm's fifty day simple moving average is $20.66 and its two-hundred day simple moving average is $19.68.

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Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 8.35%. The ex-dividend date is Thursday, May 1st. Plains GP's payout ratio is currently 286.79%.

Analysts Set New Price Targets

PAGP has been the subject of several analyst reports. StockNews.com lowered Plains GP from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. Raymond James boosted their target price on shares of Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a report on Tuesday, January 28th. Wells Fargo & Company downgraded shares of Plains GP from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Wolfe Research raised 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 research note on Friday, January 10th. Finally, Barclays reduced their target price on Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Plains GP currently has an average rating of "Hold" and a consensus target price of $21.00.

Plains GP 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.