Bank of America Corp DE Acquires 112,893 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Bank of America increased its Plains GP Holdings stake by 3%, acquiring 112,893 shares to own 3.87 million shares, or 1.95% of the company, valued at approximately $93.8 million.
• Institutional investors hold 88.3% of PAGP’s outstanding stock, with several other funds also raising their positions during recent quarters.
• Plains GP pays an annualized dividend of $1.67 per share, yielding about 6.0%. Analysts collectively rate the stock “Hold,” with an average price target of $24.55 versus its recent $27.67 share price.

Bank of America Corp DE boosted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,865,600 shares of the pipeline company's stock after buying an additional 112,893 shares during the quarter. Bank of America Corp DE owned 1.95% of Plains GP worth $93,818,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Miller Howard Investments Inc. NY raised its stake in Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after buying an additional 291,397 shares during the last quarter. Pinnacle Holdings LLC purchased a new stake in Plains GP in the second quarter worth about $3,927,000. BNP Paribas Financial Markets raised its stake in shares of Plains GP by 15.4% in the fourth quarter. BNP Paribas Financial Markets now owns 1,047,327 shares of the pipeline company's stock worth $20,046,000 after buying an additional 139,389 shares during the period. Energy Income Partners LLC raised its stake in shares of Plains GP by 1.4% in the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock worth $217,908,000 after buying an additional 120,765 shares during the period. Finally, Hsbc Holdings PLC lifted its position in shares of Plains GP by 3.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company's stock valued at $52,919,000 after buying an additional 99,655 shares in the last quarter. Institutional investors own 88.30% of the company's stock.

Plains GP Stock Down 0.2%

Shares of NYSE:PAGP opened at $27.67 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business's 50 day moving average is $26.66 and its 200 day moving average is $24.91. The stock has a market cap of $5.48 billion, a P/E ratio of 52.21 and a beta of 0.48. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $28.70.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.0%. Plains GP's dividend payout ratio (DPR) is currently 59.86%.

Analyst Ratings Changes

A number of research analysts recently issued reports on PAGP shares. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. upped their price target on shares of Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Mizuho increased their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Finally, Barclays raised their price objective on shares of Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $24.55.

Plains GP Profile

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains' operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.

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