Advisors Capital Management LLC Raises Stock Position in Plains GP Holdings, L.P. $PAGP

Key Points

• Advisors Capital Management LLC raised its stake in Plains GP by 6.1% to 2,829,953 shares (about 1.43% of the company), worth roughly $54.17 million at quarter end.
• Plains GP declared a quarterly dividend of $0.4175 per share (annualized $1.67), implying a 7.2% yield payable May 15 with a record date of May 1, though the dividend payout ratio is a high 129.46%.
• Analysts have an average rating of "Hold" with a consensus price target of $21.90, compared with the stock trading near $23.15 and a market cap of about $4.58 billion.

Advisors Capital Management LLC increased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,829,953 shares of the pipeline company's stock after acquiring an additional 163,094 shares during the quarter. Advisors Capital Management LLC owned about 1.43% of Plains GP worth $54,165,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. increased its stake in Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 645 shares during the period. Larson Financial Group LLC acquired a new stake in shares of Plains GP during the third quarter worth about $46,000. Lazard Asset Management LLC boosted its stake in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock worth $58,000 after buying an additional 811 shares during the period. CWM LLC grew its holdings in shares of Plains GP by 159.3% during the third quarter. CWM LLC now owns 7,477 shares of the pipeline company's stock worth $136,000 after buying an additional 4,594 shares during the last quarter. Finally, First Foundation Advisors purchased a new position in shares of Plains GP during the third quarter worth about $182,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the company. Mizuho set a $23.00 price objective on Plains GP in a research note on Friday, January 23rd. Zacks Research upgraded Plains GP from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 21st. Citigroup boosted their target price on Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, February 10th. Barclays upped their price target on Plains GP from $18.00 to $21.00 and gave the stock an "underweight" rating in a research note on Friday, April 10th. Finally, Truist Financial started coverage on Plains GP in a report on Tuesday, March 24th. They set a "buy" rating and a $23.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Plains GP currently has an average rating of "Hold" and a consensus price target of $21.90.

Plains GP Stock Up 0.1%

Plains GP stock opened at $23.15 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $24.75. The company has a market cap of $4.58 billion, a PE ratio of 43.68 and a beta of 0.50. The stock's 50 day moving average price is $23.24 and its 200 day moving average price is $20.39.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 1st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date is Friday, May 1st. Plains GP's dividend payout ratio (DPR) is presently 129.46%.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

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