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 lifted its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 92.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,053 shares of the pipeline company's stock after purchasing an additional 17,291 shares during the period. Bayforest Capital Ltd's holdings in Plains GP were worth $770,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PAGP. Invesco Ltd. raised its stake in shares of Plains GP by 42.9% during the 1st 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 during the period. Hsbc Holdings PLC grew its holdings in Plains GP by 25.8% during the 1st quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company's stock valued at $54,746,000 after buying an additional 526,215 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in Plains GP during the 1st quarter valued at about $10,322,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Plains GP by 17.9% during 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 buying an additional 389,096 shares in the last quarter. Finally, Gilman Hill Asset Management LLC purchased a new position in Plains GP during the 1st quarter valued at about $6,044,000. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

NYSE:PAGP opened at $18.41 on Tuesday. The business has a 50 day moving average of $19.29 and a 200 day moving average of $19.31. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 34.74 and a beta of 0.76. 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 debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a $0.38 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.3%. Plains GP's payout ratio is presently 220.29%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Citigroup cut their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Mizuho boosted their price objective on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $20.50.

Plains GP 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.

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