Oxbow Advisors LLC boosted its position in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 9.2% in the 1st quarter, Holdings Channel reports. The firm owned 390,960 shares of the pipeline company’s stock after acquiring an additional 32,930 shares during the quarter. Plains GP accounts for about 0.8% of Oxbow Advisors LLC’s portfolio, making the stock its 27th largest position. Oxbow Advisors LLC’s holdings in Plains GP were worth $9,492,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC grew its holdings in shares of Plains GP by 19.3% during the fourth quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company’s stock worth $2,992,000 after buying an additional 25,321 shares in the last quarter. Meritage Portfolio Management lifted its stake in shares of Plains GP by 36.5% in the fourth quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company’s stock worth $6,018,000 after buying an additional 84,042 shares in the last quarter. Evergreen Capital Management LLC boosted its position in Plains GP by 14.4% during the fourth quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock worth $15,998,000 after acquiring an additional 105,448 shares during the last quarter. Miller Howard Investments Inc. NY boosted its position in Plains GP by 25.8% during the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock worth $34,514,000 after acquiring an additional 291,397 shares during the last quarter. Finally, HF Advisory Group LLC grew its stake in Plains GP by 37.9% during the 4th quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company’s stock valued at $5,097,000 after acquiring an additional 73,248 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.
Analyst Upgrades and Downgrades
PAGP has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and increased their price objective for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Citigroup upped their price target on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Zacks Research cut Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. US Capital Advisors downgraded Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Mizuho boosted their price objective on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.00.
Plains GP Stock Performance
PAGP opened at $24.43 on Friday. The stock has a market capitalization of $4.83 billion, a PE ratio of 46.10 and a beta of 0.45. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.15. 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 business’s 50 day moving average price is $24.22 and its 200 day moving average price is $22.55.
Plains GP Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a $0.4175 dividend. The ex-dividend date was Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a yield of 6.8%. Plains GP’s payout ratio is currently 172.16%.
Plains GP Company 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.
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