Advisors Capital Management LLC Buys 31,730 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Advisors Capital Management LLC increased its stake in Plains GP Holdings by 1.3%, owning approximately 1.23% of the company after acquiring an additional 31,730 shares, which are valued at around $52 million.
• A significant number of other hedge funds also raised their positions in Plains GP, with Catalyst Capital Advisors LLC increasing their stake by 18%, and Janney Montgomery Scott LLC growing theirs by a remarkable 434.4% in the first quarter.
• Analysts have mixed views on Plains GP, with recent ratings ranging from a "Strong Buy" to a "Sell", and a consensus target price now set at $20.50.

Advisors Capital Management LLC lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 1.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,435,140 shares of the pipeline company's stock after acquiring an additional 31,730 shares during the quarter. Advisors Capital Management LLC owned approximately 1.23% of Plains GP worth $52,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Catalyst Capital Advisors LLC raised its position in shares of Plains GP by 18.0% during the first quarter. Catalyst Capital Advisors LLC now owns 885,873 shares of the pipeline company's stock worth $18,922,000 after acquiring an additional 134,943 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Plains GP by 15.8% during the first quarter. Envestnet Asset Management Inc. now owns 329,813 shares of the pipeline company's stock worth $7,045,000 after purchasing an additional 44,948 shares during the period. Cetera Investment Advisers grew its stake in Plains GP by 7.4% during the first quarter. Cetera Investment Advisers now owns 194,723 shares of the pipeline company's stock worth $4,159,000 after purchasing an additional 13,424 shares during the period. Janney Montgomery Scott LLC grew its stake in Plains GP by 434.4% during the first quarter. Janney Montgomery Scott LLC now owns 196,584 shares of the pipeline company's stock worth $4,199,000 after purchasing an additional 159,795 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its stake in Plains GP by 70.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 110,504 shares of the pipeline company's stock worth $2,360,000 after purchasing an additional 45,577 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PAGP shares. JPMorgan Chase & Co. raised their target price on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Morgan Stanley decreased their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. Finally, Mizuho raised their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.50.

Plains GP Trading Up 0.4%

Shares of Plains GP stock opened at $18.58 on Thursday. 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 52 week low of $16.60 and a 52 week high of $22.31. The stock has a 50 day moving average price of $19.26 and a two-hundred day moving average price of $19.30. The stock has a market capitalization of $3.67 billion, a PE ratio of 35.06 and a beta of 0.76.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.2%. Plains GP's payout ratio is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.