SG Americas Securities LLC Acquires 44,322 Shares of Plains GP Holdings, L.P. $PAGP

SG Americas Securities LLC boosted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 191.8% during the first quarter, Holdings Channel reports. The fund owned 67,426 shares of the pipeline company’s stock after purchasing an additional 44,322 shares during the period. SG Americas Securities LLC’s holdings in Plains GP were worth $1,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in Plains GP during the third quarter worth $46,000. Lazard Asset Management LLC raised its position in shares of Plains GP by 36.5% in the second 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 during the period. Virtus Advisers LLC raised its position in shares of Plains GP by 46.5% in the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 1,859 shares during the period. Arax Advisory Partners lifted its stake in shares of Plains GP by 31.4% during the 4th quarter. Arax Advisory Partners now owns 7,141 shares of the pipeline company’s stock worth $137,000 after buying an additional 1,707 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Plains GP by 8.5% during the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after buying an additional 636 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Analyst Ratings Changes

PAGP has been the topic of several research analyst reports. Zacks Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. Truist Financial initiated coverage on Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective for the company. Citigroup upped their target price on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Morgan Stanley increased their target price on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Finally, US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Plains GP presently has a consensus rating of “Hold” and an average target price of $23.00.

Plains GP Trading Up 1.2%

Shares of Plains GP stock opened at $24.43 on Friday. 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 firm has a 50-day moving average of $24.19 and a 200-day moving average of $22.54. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $26.15. The stock has a market cap of $4.83 billion, a PE ratio of 46.10 and a beta of 0.46.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a $0.4175 dividend. The ex-dividend date was Friday, May 1st. This represents a $1.67 annualized dividend and a yield of 6.8%. Plains GP’s payout ratio is 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.