Vanguard Group Inc. raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,167,192 shares of the pipeline company's stock after acquiring an additional 288,430 shares during the quarter. Vanguard Group Inc. owned approximately 1.60% of Plains GP worth $58,213,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chickasaw Capital Management LLC grew its position in 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 acquiring an additional 1,629,008 shares during the period. Raymond James Financial Inc. purchased a new position in Plains GP in the 4th quarter valued at about $5,214,000. Fort Washington Investment Advisors Inc. OH boosted its holdings in Plains GP by 114.8% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 370,496 shares of the pipeline company's stock valued at $6,810,000 after purchasing an additional 198,000 shares during the last quarter. Stephens Inc. AR grew its position in shares of Plains GP by 1,862.0% during the fourth quarter. Stephens Inc. AR now owns 207,678 shares of the pipeline company's stock worth $3,817,000 after buying an additional 197,093 shares in the last quarter. Finally, Americana Partners LLC increased its position in shares of Plains GP by 512.2% in the 4th quarter. Americana Partners LLC now owns 212,307 shares of the pipeline company's stock worth $3,902,000 after purchasing an additional 177,625 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on PAGP shares. StockNews.com lowered Plains GP from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Barclays cut their target price on Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Wolfe Research raised Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a report on Friday, January 10th. Wells Fargo & Company cut shares of 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 note on Wednesday, December 18th. Finally, Raymond James increased their target price 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. One analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $21.00.
Check Out Our Latest Research Report on Plains GP
Plains GP Trading Up 1.7 %
Plains GP stock traded up $0.31 during midday trading on Tuesday, reaching $18.63. The stock had a trading volume of 1,378,760 shares, compared to its average volume of 1,597,434. The firm's fifty day simple moving average is $20.60 and its two-hundred day simple moving average is $19.68. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 35.15 and a beta of 1.11. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month 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.
Plains GP Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.16%. The ex-dividend date of this dividend is Thursday, May 1st. Plains GP's dividend payout ratio is currently 286.79%.
Plains GP Company Profile
(
Free Report)
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.
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