Advisors Capital Management LLC Has $44.18 Million Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Advisors Capital Management LLC increased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,403,410 shares of the pipeline company's stock after acquiring an additional 53,273 shares during the period. Advisors Capital Management LLC owned about 1.22% of Plains GP worth $44,175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAGP. State Street Corp increased its holdings in shares of Plains GP by 17.1% in the third quarter. State Street Corp now owns 640,918 shares of the pipeline company's stock valued at $11,857,000 after purchasing an additional 93,643 shares in the last quarter. Custom Index Systems LLC acquired a new stake in shares of Plains GP in the 4th quarter valued at $265,000. Chickasaw Capital Management LLC raised its position in shares of Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock worth $151,047,000 after acquiring an additional 1,629,008 shares during the last quarter. Plato Investment Management Ltd lifted its stake in shares of Plains GP by 144.2% during the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company's stock valued at $661,000 after acquiring an additional 21,146 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in Plains GP in the fourth quarter valued at about $380,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Trading Up 1.2 %

Shares of PAGP stock traded up $0.22 on Friday, hitting $18.93. The stock had a trading volume of 1,885,006 shares, compared to its average volume of 1,599,137. The firm has a market cap of $3.74 billion, a P/E ratio of 35.72 and a beta of 1.11. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31. 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 company has a fifty day moving average price of $20.47 and a two-hundred day moving average price of $19.67.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.03%. The ex-dividend date is Thursday, May 1st. Plains GP's dividend payout ratio is currently 286.79%.

Analyst Ratings Changes

A number of research firms have issued reports on PAGP. Raymond James upped their target price on shares of Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a research report on Tuesday, January 28th. Barclays reduced their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Wolfe Research upgraded shares of Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 target price for the company in a research report on Friday, January 10th. StockNews.com lowered Plains GP from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley upped their price objective on Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.83.

Plains GP Company 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.