Raymond James Financial Inc. purchased a new position 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 institutional investor purchased 283,651 shares of the pipeline company's stock, valued at approximately $5,214,000. Raymond James Financial Inc. owned approximately 0.14% of Plains GP as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of PAGP. Algert Global LLC raised its holdings in Plains GP by 128.6% during the third quarter. Algert Global LLC now owns 87,659 shares of the pipeline company's stock valued at $1,622,000 after acquiring an additional 49,320 shares during the period. Larson Financial Group LLC purchased a new stake in shares of Plains GP during the third quarter worth about $353,000. BNP Paribas Financial Markets raised its stake in Plains GP by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company's stock valued at $24,309,000 after purchasing an additional 103,353 shares during the period. Townsquare Capital LLC lifted its holdings in Plains GP by 1.2% in the 3rd quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company's stock worth $1,110,000 after purchasing an additional 729 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Plains GP in the 3rd quarter worth approximately $4,013,000. Hedge funds and other institutional investors own 88.30% of the company's stock.
Analyst Upgrades and Downgrades
PAGP has been the topic of several recent analyst reports. Barclays lifted their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Thursday, January 16th. Wolfe Research upgraded shares of Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a research note on Friday, January 10th. StockNews.com raised shares of Plains GP from a "hold" rating to a "buy" rating in a report on Tuesday. Raymond James boosted their target price on Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company cut Plains GP from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $21.00.
Check Out Our Latest Report on PAGP
Plains GP Trading Up 0.2 %
Shares of Plains GP stock traded up $0.05 on Friday, reaching $21.51. The company had a trading volume of 1,416,008 shares, compared to its average volume of 1,583,537. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 40.59 and a beta of 1.55. 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 firm's 50-day moving average price is $21.30 and its two-hundred day moving average price is $19.67. Plains GP Holdings, L.P. has a 1 year low of $17.17 and a 1 year high of $22.31.
Plains GP Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.38 per share. The ex-dividend date was Friday, January 31st. This is a boost from Plains GP's previous quarterly dividend of $0.32. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.07%. Plains GP's payout ratio is currently 286.79%.
Plains GP Profile
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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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