Bayforest Capital Ltd Purchases 17,291 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Bayforest Capital Ltd raised its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 92.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,053 shares of the pipeline company's stock after buying 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.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC raised its position in Plains GP by 233.1% in the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after purchasing an additional 4,195 shares during the last quarter. Brown Brothers Harriman & Co. bought a new position in Plains GP in the 4th quarter valued at $158,000. McIlrath & Eck LLC bought a new position in Plains GP in the 4th quarter valued at $166,000. GAMMA Investing LLC raised its position in Plains GP by 2,252.7% in the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after purchasing an additional 7,997 shares during the last quarter. Finally, Insigneo Advisory Services LLC raised its position in Plains GP by 11.3% in the 4th quarter. Insigneo Advisory Services LLC now owns 11,283 shares of the pipeline company's stock valued at $207,000 after purchasing an additional 1,146 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on PAGP. Mizuho lifted their target price on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. lifted their target price on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Finally, Citigroup decreased their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $20.88.

Plains GP Trading Down 0.4%

PAGP stock traded down $0.08 during midday trading on Wednesday, hitting $19.76. 1,473,751 shares of the company's stock were exchanged, compared to its average volume of 1,713,962. The stock's fifty day moving average price is $19.07 and its 200-day moving average price is $19.79. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The company has a market cap of $3.91 billion, a PE ratio of 37.28 and a beta of 0.65. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $22.31.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 7.69%. Plains GP's dividend payout ratio is presently 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.