Bayforest Capital Ltd Has $770,000 Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Bayforest Capital Ltd lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 92.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Tortoise Capital Advisors L.L.C. boosted its holdings in Plains GP by 8.0% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock worth $229,989,000 after buying an additional 927,855 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Plains GP by 11.7% in the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after purchasing an additional 646,130 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Plains GP by 2.0% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,033,000 shares of the pipeline company's stock worth $86,145,000 after purchasing an additional 80,000 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Plains GP by 0.5% in the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company's stock worth $73,610,000 after purchasing an additional 19,900 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Plains GP by 10.0% in the 4th quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock worth $58,213,000 after purchasing an additional 288,430 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Plains GP Stock Down 1.8%

PAGP traded down $0.36 on Friday, reaching $19.24. 1,459,280 shares of the company traded hands, compared to its average volume of 1,716,515. The stock's 50 day moving average price is $19.18 and its 200-day moving average price is $19.78. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 36.30 and a beta of 0.65. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 7.9%. The ex-dividend date of this dividend is Thursday, July 31st. Plains GP's payout ratio is 205.41%.

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.