Bridgefront Capital LLC acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,707 shares of the pipeline company's stock, valued at approximately $252,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. raised its holdings in Plains GP by 8.0% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock valued at $229,989,000 after buying an additional 927,855 shares during the period. Algert Global LLC boosted its holdings in Plains GP by 781.8% in the fourth quarter. Algert Global LLC now owns 772,966 shares of the pipeline company's stock valued at $14,207,000 after purchasing an additional 685,307 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Plains GP by 11.7% in the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock valued at $113,077,000 after acquiring an additional 646,130 shares during the period. Hsbc Holdings PLC raised its stake in shares of Plains GP by 31.0% during the fourth quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company's stock worth $37,436,000 after purchasing an additional 482,213 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new position in Plains GP in the fourth quarter worth $7,418,000. Hedge funds and other institutional investors own 88.30% of the company's stock.
Plains GP Stock Up 3.8%
PAGP stock traded up $0.68 during midday trading on Monday, hitting $18.42. 2,234,314 shares of the company's stock were exchanged, compared to its average volume of 1,544,450. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $16.61 and a 12-month high of $22.31. The firm has a 50 day moving average price of $19.57 and a 200-day moving average price of $19.68. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 34.76 and a beta of 0.68.
Plains GP Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.25%. Plains GP's dividend payout ratio is presently 205.41%.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. Raymond James raised their price target on Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a research report on Tuesday, January 28th. Morgan Stanley raised their price target on Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 25th. Barclays dropped their price target on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a research report on Thursday, April 10th. Finally, StockNews.com lowered Plains GP from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $21.40.
View Our Latest Research Report on Plains GP
About Plains GP
(
Free Report)
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.
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