General Partner Inc. Invests $100,000 in Plains GP Holdings, L.P. (NYSE:PAGP)

General Partner Inc. purchased a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGPFree Report) during the first quarter, HoldingsChannel reports. The fund purchased 5,500 shares of the pipeline company’s stock, valued at approximately $100,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chickasaw Capital Management LLC lifted its position in Plains GP by 6.9% in the 4th quarter. Chickasaw Capital Management LLC now owns 6,632,388 shares of the pipeline company’s stock valued at $105,787,000 after acquiring an additional 429,179 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in Plains GP by 58.9% in the 4th quarter. Westwood Holdings Group Inc. now owns 4,645,531 shares of the pipeline company’s stock valued at $74,096,000 after acquiring an additional 1,721,120 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Plains GP by 1.8% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,480,000 shares of the pipeline company’s stock valued at $71,456,000 after buying an additional 77,357 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Plains GP by 88.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,772,217 shares of the pipeline company’s stock valued at $60,167,000 after buying an additional 1,774,438 shares during the last quarter. Finally, Blackstone Inc. increased its stake in Plains GP by 41.0% in the 3rd quarter. Blackstone Inc. now owns 2,927,098 shares of the pipeline company’s stock valued at $47,185,000 after buying an additional 851,498 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PAGP. Wells Fargo & Company boosted their price objective on shares of Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. UBS Group boosted their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Citigroup boosted their price objective on shares of Plains GP from $17.50 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, May 6th. Barclays upped their price target on shares of Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a research note on Friday, April 12th. Finally, Morgan Stanley boosted their price objective on shares of Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.82.

Check Out Our Latest Report on Plains GP

Plains GP Price Performance

NYSE:PAGP traded up $0.21 on Tuesday, hitting $17.84. The company had a trading volume of 180,351 shares, compared to its average volume of 2,044,688. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 19.77 and a beta of 1.54. The company has a current ratio of 0.97, a quick ratio of 0.88 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average of $18.28 and a two-hundred day moving average of $17.28. Plains GP Holdings, L.P. has a 52 week low of $13.78 and a 52 week high of $19.77.

Plains GP (NYSE:PAGPGet Free Report) last issued its quarterly earnings data on Friday, May 3rd. The pipeline company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.05). The company had revenue of $12 billion during the quarter, compared to the consensus estimate of $13.72 billion. Plains GP had a net margin of 0.35% and a return on equity of 1.15%. On average, research analysts anticipate that Plains GP Holdings, L.P. will post 1.01 earnings per share for the current year.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were paid a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a dividend yield of 7.12%. The ex-dividend date of this dividend was Tuesday, April 30th. Plains GP’s payout ratio is currently 144.32%.

Plains GP 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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Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains GP Holdings, L.P. (NYSE:PAGPFree Report).

Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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