Wells Fargo & Company MN Acquires 58,304 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Wells Fargo & Company MN boosted its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 893,296 shares of the pipeline company's stock after buying an additional 58,304 shares during the period. Wells Fargo & Company MN owned approximately 0.45% of Plains GP worth $16,419,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its position in shares of Plains GP by 61.7% during 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 during the 4th quarter worth approximately $33,000. Allworth Financial LP bought a new position in shares of Plains GP in the fourth quarter valued at approximately $44,000. Farther Finance Advisors LLC increased its position in shares of 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 valued at $44,000 after acquiring an additional 2,355 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in Plains GP by 1,000.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 4,400 shares of the pipeline company's stock worth $81,000 after acquiring an additional 4,000 shares during the period. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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Plains GP Stock Up 1.7 %

NYSE:PAGP traded up $0.31 during trading hours on Tuesday, reaching $18.63. 1,378,760 shares of the company traded hands, compared to its average volume of 1,597,914. The stock has a market capitalization of $3.68 billion, a P/E ratio of 35.15 and a beta of 1.11. The business's 50-day moving average price is $20.55 and its two-hundred day moving average price is $19.67. Plains GP Holdings, L.P. has a 1 year low of $16.61 and a 1 year high of $22.31. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.16%. The ex-dividend date of this dividend is Thursday, May 1st. Plains GP's payout ratio is presently 286.79%.

Analysts Set New Price Targets

A number of analysts recently issued reports on PAGP shares. Barclays decreased their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a report on Thursday, April 10th. Wolfe Research upgraded Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price objective on the stock in a research note on Friday, January 10th. Morgan Stanley raised their target price on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 25th. Wells Fargo & Company cut Plains GP from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Finally, Raymond James lifted their price objective on Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Plains GP presently has a consensus rating of "Hold" and a consensus price target of $21.00.

Plains GP 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.