Storgate LLC Invests $442,000 in Plains GP Holdings, L.P. $PAGP

Storgate LLC purchased a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,072 shares of the pipeline company’s stock, valued at approximately $442,000.

A number of other hedge funds have also made changes to their positions in PAGP. Larson Financial Group LLC acquired a new stake in shares of Plains GP during the third quarter worth approximately $46,000. Lazard Asset Management LLC grew its position in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares in the last quarter. CWM LLC grew its position in shares of Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after buying an additional 636 shares in the last quarter. Amplify Investments LLC grew its position in shares of Plains GP by 21.4% during the fourth quarter. Amplify Investments LLC now owns 9,911 shares of the pipeline company’s stock worth $174,000 after buying an additional 1,749 shares in the last quarter. Finally, First Foundation Advisors acquired a new stake in shares of Plains GP during the third quarter worth approximately $182,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. US Capital Advisors downgraded shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their price target 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. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and raised their price target for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Mizuho raised their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Citigroup raised their price objective on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $23.00.

Plains GP Stock Performance

Shares of PAGP opened at $24.38 on Friday. The business’s fifty day moving average price is $24.11 and its 200 day moving average price is $22.01. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month high of $26.15. The stock has a market capitalization of $4.82 billion, a PE ratio of 46.00 and a beta of 0.46. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were paid a dividend of $0.4175 per share. The ex-dividend date was Friday, May 1st. This represents a $1.67 annualized dividend and a yield of 6.8%. Plains GP’s dividend payout ratio (DPR) is 172.16%.

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.