Linscomb Wealth Inc. Acquires 28,232 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Linscomb Wealth Inc. lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 9.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 341,332 shares of the pipeline company's stock after purchasing an additional 28,232 shares during the period. Linscomb Wealth Inc. owned approximately 0.17% of Plains GP worth $6,274,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Plains GP in the 4th quarter worth approximately $33,000. Allworth Financial LP acquired a new stake in shares of Plains GP in the fourth quarter worth $44,000. Hara Capital LLC purchased a new position in shares of Plains GP during the third quarter valued at $57,000. Venturi Wealth Management LLC acquired a new position in Plains GP during the fourth quarter valued at $103,000. Finally, Continuum Advisory LLC raised its position in Plains GP by 10.0% during the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company's stock valued at $127,000 after buying an additional 637 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Down 1.4 %

Plains GP stock traded down $0.30 during mid-day trading on Monday, hitting $21.30. 1,189,495 shares of the company's stock were exchanged, compared to its average volume of 1,920,702. Plains GP Holdings, L.P. has a 1-year low of $17.17 and a 1-year high of $22.31. The stock has a 50 day moving average of $20.56 and a two-hundred day moving average of $19.35. The stock has a market cap of $4.21 billion, a P/E ratio of 40.19 and a beta of 1.58. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.38 dividend. This is a positive change from Plains GP's previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 7.14%. The ex-dividend date of this dividend was Friday, January 31st. Plains GP's payout ratio is 286.79%.

Wall Street Analysts Forecast Growth

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

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.