Vestcor Inc Acquires 89,465 Shares of Plains GP Holdings, L.P. $PAGP

Vestcor Inc lifted its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 237.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,173 shares of the pipeline company’s stock after purchasing an additional 89,465 shares during the period. Vestcor Inc owned 0.06% of Plains GP worth $2,320,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Swiss National Bank lifted its stake in Plains GP by 1.5% in the third quarter. Swiss National Bank now owns 383,334 shares of the pipeline company’s stock valued at $6,992,000 after buying an additional 5,500 shares during the period. Private Advisor Group LLC grew its position in shares of Plains GP by 145.7% during the 3rd quarter. Private Advisor Group LLC now owns 93,444 shares of the pipeline company’s stock worth $1,704,000 after buying an additional 55,416 shares during the period. Angeles Wealth Management LLC increased its stake in shares of Plains GP by 31.0% in the 3rd quarter. Angeles Wealth Management LLC now owns 82,539 shares of the pipeline company’s stock valued at $1,506,000 after acquiring an additional 19,550 shares in the last quarter. Modern Wealth Management LLC lifted its position in shares of Plains GP by 5.7% during the 3rd quarter. Modern Wealth Management LLC now owns 38,909 shares of the pipeline company’s stock valued at $710,000 after acquiring an additional 2,088 shares during the period. Finally, Barclays PLC lifted its position in shares of Plains GP by 14.6% during the 3rd quarter. Barclays PLC now owns 1,084,434 shares of the pipeline company’s stock valued at $19,780,000 after acquiring an additional 138,152 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PAGP shares. Citigroup raised their price target on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Stifel Nicolaus increased their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a research note on Wednesday, January 28th. Wells Fargo & Company boosted their target price on Plains GP from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, February 9th. Finally, Morgan Stanley upped their price target on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.11.

Plains GP Stock Performance

Shares of PAGP stock opened at $23.42 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $21.20 and a two-hundred day simple moving average of $19.27. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $24.00. The firm has a market capitalization of $4.63 billion, a PE ratio of 44.19 and a beta of 0.56.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.67 annualized dividend and a dividend yield of 7.1%. Plains GP’s payout ratio is presently 129.46%.

About Plains GP

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.