Millburn Ridgefield Corp Buys Shares of 12,947 Plains GP Holdings, L.P. (NYSE:PAGP)

Millburn Ridgefield Corp bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,947 shares of the pipeline company's stock, valued at approximately $238,000.

A number of other hedge funds have also added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Plains GP by 17.1% in 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 in the last quarter. Custom Index Systems LLC bought a new stake in Plains GP in the fourth quarter valued at $265,000. Chickasaw Capital Management LLC raised 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 period. Vestcor Inc boosted its position in shares of Plains GP by 79.1% during the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company's stock worth $1,451,000 after purchasing an additional 34,633 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Plains GP in the 3rd quarter valued at about $4,013,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PAGP. Barclays upped their price target on Plains GP from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Thursday, January 16th. Wells Fargo & Company lowered Plains GP from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Raymond James lifted their price target on shares of Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a research report 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 on the stock in a report on Friday, January 10th. Finally, StockNews.com lowered shares of Plains GP from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Two 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $20.60.

Plains GP Stock Down 0.7 %

Shares of PAGP stock traded down $0.14 on Thursday, hitting $21.18. The stock had a trading volume of 1,297,831 shares, compared to its average volume of 1,965,681. 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 business has a 50 day moving average of $20.43 and a 200 day moving average of $19.30. Plains GP Holdings, L.P. has a 12-month low of $17.03 and a 12-month high of $22.31. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 39.96 and a beta of 1.58.

Plains GP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.38 dividend. This is a positive change from Plains GP's previous quarterly dividend of $0.32. The ex-dividend date was Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 7.18%. Plains GP's dividend payout ratio (DPR) is 286.79%.

About Plains GP

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.