Readystate Asset Management LP Buys 61,955 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Readystate Asset Management LP raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 196.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 93,545 shares of the pipeline company’s stock after acquiring an additional 61,955 shares during the period. Readystate Asset Management LP’s holdings in Plains GP were worth $1,492,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System lifted its position in shares of Plains GP by 1.4% in the third quarter. Arizona State Retirement System now owns 55,354 shares of the pipeline company’s stock worth $892,000 after purchasing an additional 749 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Plains GP by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 168,128 shares of the pipeline company’s stock worth $2,091,000 after purchasing an additional 771 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Plains GP by 0.5% in the third quarter. California State Teachers Retirement System now owns 171,847 shares of the pipeline company’s stock worth $2,770,000 after purchasing an additional 781 shares in the last quarter. Donoghue Forlines LLC lifted its position in shares of Plains GP by 3.5% in the fourth quarter. Donoghue Forlines LLC now owns 24,937 shares of the pipeline company’s stock worth $398,000 after purchasing an additional 841 shares in the last quarter. Finally, Spire Wealth Management increased its holdings in Plains GP by 63.2% during the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock worth $41,000 after buying an additional 983 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of PAGP stock traded up $0.03 on Wednesday, hitting $18.27. The company’s stock had a trading volume of 1,225,106 shares, compared to its average volume of 2,199,450. Plains GP Holdings, L.P. has a fifty-two week low of $12.59 and a fifty-two week high of $19.77. The stock’s 50 day moving average is $17.68 and its 200-day moving average is $16.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.98. The company has a market capitalization of $3.60 billion, a PE ratio of 17.91 and a beta of 1.55.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.06). Plains GP had a return on equity of 1.33% and a net margin of 0.41%. The firm had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.88 billion. Equities research analysts expect that Plains GP Holdings, L.P. will post 1.02 earnings per share for the current fiscal year.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a dividend of $0.3175 per share. The ex-dividend date is Tuesday, April 30th. This represents a $1.27 annualized dividend and a yield of 6.95%. Plains GP’s dividend payout ratio is 124.51%.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of recent analyst reports. Barclays boosted their target price on shares of Plains GP from $16.00 to $18.00 and gave the stock an “underweight” rating in a report on Friday, April 12th. Scotiabank began coverage on shares of Plains GP in a report on Monday, April 8th. They set a “sector outperform” rating and a $23.00 target price on the stock. Citigroup upped their price objective on shares of Plains GP from $16.50 to $17.50 and gave the company a “neutral” rating in a report on Friday, March 1st. The Goldman Sachs Group upped their price objective on shares of Plains GP from $14.50 to $16.00 and gave the company a “sell” rating in a report on Friday, April 12th. Finally, Stifel Nicolaus upped their price objective on shares of Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.55.

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.