Snowden Capital Advisors LLC Takes $300,000 Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Snowden Capital Advisors LLC bought a new position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 16,345 shares of the pipeline company's stock, valued at approximately $300,000.

Other hedge funds have also added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. raised its position in Plains GP by 8.0% during 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 purchasing an additional 927,855 shares during the last quarter. Algert Global LLC lifted its stake in Plains GP by 781.8% in the fourth quarter. Algert Global LLC now owns 772,966 shares of the pipeline company's stock worth $14,207,000 after acquiring an additional 685,307 shares during the period. Clearbridge Investments LLC increased its position in Plains GP by 11.7% during the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock valued at $113,077,000 after purchasing an additional 646,130 shares during the period. Hsbc Holdings PLC raised its holdings in Plains GP by 31.0% in the 4th 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 in the last quarter. Finally, Voleon Capital Management LP purchased a new stake in Plains GP in the fourth quarter worth about $7,418,000. 88.30% of the stock is owned by institutional investors.

Plains GP Stock Down 1.2%

Shares of PAGP stock traded down $0.22 during mid-day trading on Wednesday, hitting $17.88. The company's stock had a trading volume of 316,064 shares, compared to its average volume of 1,528,296. Plains GP Holdings, L.P. has a 52-week low of $16.61 and a 52-week high of $22.31. The business has a 50-day moving average price of $18.90 and a 200 day moving average price of $19.69. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 33.75 and a beta of 0.68. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.50%. Plains GP's dividend payout ratio is currently 205.41%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PAGP. Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Barclays lowered their price objective 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. Citigroup decreased their price target on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Raymond James boosted their price objective 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. Finally, Mizuho decreased their target price on shares of Plains GP from $21.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Plains GP presently has an average rating of "Moderate Buy" and an average price target of $20.71.

About Plains GP

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.