164,000 Shares in Plains GP Holdings, L.P. $PAGP Bought by JRM Investment Counsel LLC

Key Points

• JRM Investment Counsel LLC acquired 164,000 shares of Plains GP Holdings, L.P. (NYSE:PAGP) valued at approximately $3.5 million, making it the 11th largest holding in their portfolio.
• Several hedge funds significantly increased their stakes in Plains GP during the 1st quarter, with Golden State Wealth Management LLC increasing its holdings by over 233%.
• Plains GP recently declared a quarterly dividend of $0.38 per share, yielding approximately 8% annually, despite a high payout ratio of 220.29%.

JRM Investment Counsel LLC acquired a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 164,000 shares of the pipeline company's stock, valued at approximately $3,503,000. Plains GP accounts for 1.2% of JRM Investment Counsel LLC's holdings, making the stock its 11th biggest holding. JRM Investment Counsel LLC owned 0.08% of Plains GP as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Golden State Wealth Management LLC increased its holdings in Plains GP by 233.1% during the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in Plains GP during the 1st quarter worth about $135,000. GAMMA Investing LLC increased its holdings in Plains GP by 2,252.7% during the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after purchasing an additional 7,997 shares in the last quarter. McIlrath & Eck LLC bought a new position in Plains GP during the 4th quarter worth about $166,000. Finally, Baker Avenue Asset Management LP bought a new position in Plains GP during the 1st quarter worth about $203,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research reports. Wolfe Research reiterated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Mizuho increased their target price on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Citigroup decreased their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. lifted their target price on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $20.88.

Plains GP Price Performance

NYSE:PAGP opened at $18.96 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock's 50-day simple moving average is $19.39 and its 200 day simple moving average is $19.51. The company has a market cap of $3.75 billion, a P/E ratio of 35.77 and a beta of 0.70. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date of this dividend was Thursday, July 31st. Plains GP's payout ratio is 220.29%.

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.

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