Jefferies Financial Group Inc. acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) during the second quarter, HoldingsChannel reports. The fund acquired 257,578 shares of the pipeline company’s stock, valued at approximately $6,251,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PAGP. Energy Income Partners LLC raised its stake in shares of Plains GP by 1.0% during the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock worth $185,987,000 after purchasing an additional 102,916 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Plains GP by 1.5% during the 3rd quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock worth $80,006,000 after buying an additional 66,695 shares during the last quarter. Bank of America Corp DE raised its holdings in Plains GP by 3.0% in the 2nd quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock valued at $93,818,000 after acquiring an additional 112,893 shares during the period. UBS Group AG boosted its holdings in shares of Plains GP by 1.7% during the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock worth $65,225,000 after acquiring an additional 58,003 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in shares of Plains GP by 3.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after buying an additional 99,655 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently commented on PAGP. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. Citigroup boosted their price target on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Truist Financial boosted their price target on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, Wells Fargo & Company lifted their target price on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $23.55.
Plains GP Trading Down 0.2%
Shares of Plains GP stock opened at $27.97 on Friday. The company has a market capitalization of $5.54 billion, a P/E ratio of 52.77 and a beta of 0.46. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The company has a fifty day moving average of $25.52 and a 200 day moving average of $24.26. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $28.28.
Plains GP Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.0%. Plains GP’s dividend payout ratio (DPR) is 59.86%.
Plains GP Profile
Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.
The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.
Featured Stories
- Five stocks we like better than Plains GP
- 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole
- IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings
- Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude?
- Okta Stock Surges 29%—Is $200 the Next Stop?
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:PAGP – Free Report).
Receive News & Ratings for Plains GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP and related companies with MarketBeat.com's FREE daily email newsletter.
