Engineers Gate Manager LP lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 16.6% during the second quarter, Holdings Channel reports. The fund owned 395,551 shares of the pipeline company’s stock after acquiring an additional 56,213 shares during the period. Engineers Gate Manager LP’s holdings in Plains GP were worth $9,600,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. First Bancorp Inc ME purchased a new position in Plains GP in the second quarter valued at $30,000. Larson Financial Group LLC purchased a new stake in Plains GP during the 3rd quarter worth about $46,000. North Star Investment Management Corp. purchased a new stake in Plains GP during the 1st quarter worth about $56,000. Lazard Asset Management LLC raised its position in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 811 shares in the last quarter. Finally, Continuum Advisory LLC acquired a new stake in Plains GP in the 2nd quarter valued at about $61,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on PAGP. JPMorgan Chase & Co. boosted their price objective on Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and raised their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Mizuho lifted their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Citigroup increased their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.18.
Plains GP Stock Down 0.3%
Shares of NYSE PAGP opened at $27.89 on Friday. The business has a 50-day moving average of $26.27 and a two-hundred day moving average of $24.69. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 52.62 and a beta of 0.48. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $28.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.
Plains GP Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.0%. Plains GP’s payout ratio is presently 59.86%.
Plains GP Profile
Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.
Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.
Plains’ operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.
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