Bayforest Capital Ltd Has $770,000 Position in Plains GP Holdings, L.P. $PAGP

Key Points

• Bayforest Capital Ltd increased its position in Plains GP Holdings by 92.2%, owning 36,053 shares valued at $770,000 after purchasing an additional 17,291 shares.
• The company announced a quarterly dividend of $0.38, representing an annualized amount of $1.52 and a yield of 8.3% with a payout ratio of 220.29%.
• Plains GP Holdings' stock has a consensus rating of "Hold" among eight analysts, with an average target price of $20.50.

Bayforest Capital Ltd raised its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 92.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,053 shares of the pipeline company's stock after acquiring an additional 17,291 shares during the quarter. Bayforest Capital Ltd's holdings in Plains GP were worth $770,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Invesco Ltd. grew its position in shares of Plains GP by 42.9% during the first quarter. Invesco Ltd. now owns 4,190,610 shares of the pipeline company's stock worth $89,511,000 after purchasing an additional 1,258,315 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Plains GP by 25.8% in the 1st quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company's stock valued at $54,746,000 after purchasing an additional 526,215 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Plains GP in the 1st quarter valued at approximately $10,322,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Plains GP by 17.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,559,937 shares of the pipeline company's stock valued at $54,680,000 after purchasing an additional 389,096 shares during the last quarter. Finally, Gilman Hill Asset Management LLC bought a new stake in shares of Plains GP during the 1st quarter worth approximately $6,044,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Price Performance

Shares of Plains GP stock traded up $0.06 during trading on Friday, hitting $18.70. 1,562,666 shares of the company were exchanged, compared to its average volume of 1,655,887. The firm has a 50 day moving average price of $19.22 and a 200 day moving average price of $19.25. 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 stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 35.28 and a beta of 0.76. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.1%. Plains GP's payout ratio is currently 220.29%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Morgan Stanley decreased their price objective on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Finally, Mizuho upped their price target on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. One equities research 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $20.50.

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.