RVW Wealth LLC bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) during the 3rd quarter, Holdings Channel reports. The fund bought 100,000 shares of the pipeline company’s stock, valued at approximately $2,590,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. First Bancorp Inc ME purchased a new position in shares of Plains GP in the 2nd quarter valued at about $30,000. North Star Investment Management Corp. purchased a new stake in Plains GP during the first quarter worth about $56,000. Continuum Advisory LLC purchased a new stake in Plains GP during the second quarter worth about $61,000. Ameritas Advisory Services LLC acquired a new position in Plains GP during the second quarter worth about $64,000. Finally, O Domhnaill Enterprises Inc. acquired a new position in Plains GP during the first quarter worth about $66,000. 88.30% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on PAGP. Barclays lifted their price target on shares of Plains GP from $23.00 to $24.00 and gave the company an “underweight” rating in a research report on Monday, September 21st. Mizuho boosted their target price on Plains GP from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, September 21st. Truist Financial upped their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Citigroup raised their price target on Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 17th. Finally, JPMorgan Chase & Co. raised their price target on Plains GP from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $24.91.
Plains GP Price Performance
Shares of NYSE PAGP traded up $0.06 on Tuesday, hitting $26.24. The company’s stock had a trading volume of 1,245,363 shares, compared to its average volume of 1,783,234. The stock has a 50 day moving average of $26.80 and a 200-day moving average of $25.17. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of 49.51 and a beta of 0.54. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month 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 business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Friday, October 30th. Plains GP’s dividend payout ratio is 59.86%.
Plains GP Profile
Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.
Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America’s major midstream energy companies.
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