Assetmark Inc. Acquires 14,058 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Assetmark Inc. increased its holdings in Plains GP Holdings, L.P. by 32.9% during Q1, now owning 56,773 shares valued at approximately $1.21 million.
• Plains GP recently announced a quarterly dividend of $0.38 per share, with a projected annualized dividend yield of 7.8%.
• Analysts have mixed ratings on Plains GP, with a current consensus rating of "Hold" and an average target price of $20.88.

Assetmark Inc. lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 32.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,773 shares of the pipeline company's stock after acquiring an additional 14,058 shares during the quarter. Assetmark Inc.'s holdings in Plains GP were worth $1,213,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC boosted its stake in shares of 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 valued at $128,000 after buying an additional 4,195 shares during the period. GAMMA Investing LLC lifted its position 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 acquiring an additional 7,997 shares during the last quarter. McIlrath & Eck LLC acquired a new position in shares of Plains GP during the fourth quarter valued at about $166,000. IVC Wealth Advisors LLC acquired a new position in shares of Plains GP during the first quarter valued at about $214,000. Finally, Principle Wealth Partners LLC acquired a new position in shares of Plains GP during the first quarter valued at about $233,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PAGP. Barclays lowered their target price on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Citigroup cut their price objective on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. JPMorgan Chase & Co. increased their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Mizuho increased their target price on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $20.88.

Plains GP Stock Down 1.8%

Shares of Plains GP stock traded down $0.36 during trading on Friday, reaching $19.24. 1,459,280 shares of the company traded hands, compared to its average volume of 1,716,515. 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 $16.60 and a 1-year high of $22.31. The company has a 50 day moving average price of $19.15 and a 200-day moving average price of $19.78. The firm has a market capitalization of $3.80 billion, a PE ratio of 36.30 and a beta of 0.65.

Plains GP Announces Dividend

The company also recently announced 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 is Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.9%. Plains GP's dividend payout ratio is currently 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.