KLP Kapitalforvaltning AS Acquires Shares of 39,600 Plains GP Holdings, L.P. (NYSE:PAGP)

KLP Kapitalforvaltning AS acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 39,600 shares of the pipeline company's stock, valued at approximately $728,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jones Financial Companies Lllp grew its stake in Plains GP by 61.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company's stock valued at $25,000 after purchasing an additional 520 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Plains GP in the fourth quarter valued at $33,000. Farther Finance Advisors LLC increased its holdings in Plains GP by 8,120.7% during the fourth quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company's stock worth $44,000 after buying an additional 2,355 shares during the last quarter. Allworth Financial LP acquired a new position in Plains GP during the fourth quarter worth $44,000. Finally, Atala Financial Inc acquired a new stake in Plains GP in the fourth quarter valued at $90,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PAGP. Raymond James boosted their price objective on shares of Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 28th. Barclays boosted their price target on Plains GP from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Thursday, January 16th. Wells Fargo & Company cut Plains GP from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Morgan Stanley boosted their target price on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 25th. Finally, StockNews.com downgraded Plains GP from a "buy" rating to a "hold" rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $21.00.

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Plains GP Stock Performance

Shares of Plains GP stock traded down $0.96 during trading on Thursday, reaching $20.65. The company's stock had a trading volume of 2,957,781 shares, compared to its average volume of 1,575,689. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business's 50-day moving average price is $21.28 and its 200-day moving average price is $19.73. Plains GP Holdings, L.P. has a 52 week low of $17.17 and a 52 week high of $22.31. The firm has a market cap of $4.08 billion, a PE ratio of 38.96 and a beta of 1.55.

Plains GP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a yield of 7.36%. This is an increase from Plains GP's previous quarterly dividend of $0.32. Plains GP's payout ratio is currently 286.79%.

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.