Argent Advisors Inc. Makes New $1.31 Million Investment in Plains GP Holdings, L.P. (NYSE:PAGP)

Argent Advisors Inc. purchased a new stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 61,149 shares of the pipeline company's stock, valued at approximately $1,306,000.

Several other hedge funds have also added to or reduced their stakes in PAGP. Tortoise Capital Advisors L.L.C. grew its holdings 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 worth $229,989,000 after acquiring an additional 927,855 shares during the period. Algert Global LLC boosted its position in shares of Plains GP by 781.8% in the 4th quarter. Algert Global LLC now owns 772,966 shares of the pipeline company's stock worth $14,207,000 after purchasing an additional 685,307 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Plains GP by 11.7% in the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after purchasing an additional 646,130 shares during the last quarter. Hsbc Holdings PLC grew 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 period. Finally, Voleon Capital Management LP bought a new stake in Plains GP in the fourth quarter valued at about $7,418,000. Institutional investors own 88.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley raised their target price on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 25th. Mizuho lifted their price objective on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. JPMorgan Chase & Co. boosted their price objective on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Barclays reduced their price target on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $20.88.

Plains GP Stock Up 0.2%

NYSE PAGP traded up $0.04 on Thursday, reaching $19.55. The company had a trading volume of 602,150 shares, compared to its average volume of 1,597,522. The company's fifty day moving average is $18.57 and its 200-day moving average is $19.65. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 36.88 and a beta of 0.63. 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 1-year low of $16.61 and a 1-year high of $22.31.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.78%. Plains GP's dividend payout ratio (DPR) is presently 205.41%.

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.