Headlands Technologies LLC Buys 65,720 Shares of Plains GP Holdings, L.P. $PAGP

Headlands Technologies LLC raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 605.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 76,580 shares of the pipeline company’s stock after buying an additional 65,720 shares during the quarter. Headlands Technologies LLC’s holdings in Plains GP were worth $1,859,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. First Bancorp Inc ME purchased a new position in shares of Plains GP during the second quarter valued at approximately $30,000. North Star Investment Management Corp. bought a new stake in Plains GP during the first quarter worth $56,000. Larson Financial Group LLC purchased a new stake in Plains GP in the 3rd quarter valued at $46,000. O Domhnaill Enterprises Inc. purchased a new stake in Plains GP in the 1st quarter valued at $66,000. Finally, Lazard Asset Management LLC lifted its stake in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

PAGP opened at $28.22 on Tuesday. The firm has a market cap of $5.58 billion, a P/E ratio of 53.25 and a beta of 0.46. The firm has a 50-day moving average of $25.62 and a 200 day moving average of $24.34. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $28.33.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP’s dividend payout ratio is currently 59.86%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Truist Financial lifted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Citigroup increased their target price on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Wells Fargo & Company boosted their price target on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. 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. Finally, Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. One research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.55.

Plains GP 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.