Resona Asset Management Co. Ltd. Makes New Investment in Plains GP Holdings, L.P. (NYSE:PAGP)

Resona Asset Management Co. Ltd. bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 36,345 shares of the pipeline company's stock, valued at approximately $668,000.

A number of other hedge funds also recently modified their holdings of the stock. Chickasaw Capital Management LLC lifted its position in shares of Plains GP by 24.7% during the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock worth $151,047,000 after buying an additional 1,629,008 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Plains GP by 11.7% in the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after acquiring an additional 646,130 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Plains GP by 10.0% during the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock valued at $58,213,000 after buying an additional 288,430 shares during the last quarter. Miller Howard Investments Inc. NY lifted its stake in Plains GP by 2.3% during the 4th quarter. Miller Howard Investments Inc. NY now owns 1,535,470 shares of the pipeline company's stock valued at $28,222,000 after acquiring an additional 34,894 shares in the last quarter. Finally, Cinctive Capital Management LP boosted its stake in shares of Plains GP by 5.1% in the 4th quarter. Cinctive Capital Management LP now owns 1,043,206 shares of the pipeline company's stock worth $19,174,000 after buying an additional 50,868 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Trading Up 1.4 %

PAGP stock traded up $0.26 during mid-day trading on Wednesday, reaching $18.89. 407,389 shares of the stock traded hands, compared to its average volume of 1,809,856. The business has a 50-day moving average price of $20.55 and a two-hundred day moving average price of $19.67. The stock has a market capitalization of $3.73 billion, a PE ratio of 35.63 and a beta of 1.11. 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 one year low of $16.60 and a one year high of $22.31.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.05%. The ex-dividend date is Thursday, May 1st. Plains GP's payout ratio is currently 286.79%.

Analyst Ratings Changes

PAGP has been the subject of several research reports. Morgan Stanley increased their price target on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 25th. Raymond James increased their price target on shares of Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 28th. Wells Fargo & Company cut Plains GP from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Barclays dropped their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a report on Thursday, April 10th. Finally, StockNews.com downgraded shares of Plains GP from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Plains GP has a consensus rating of "Hold" and a consensus target price of $21.00.

Plains GP Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.