BNP Paribas Financial Markets Buys 239,723 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• BNP Paribas Financial Markets increased its stake in Plains GP Holdings by 17.9%, owning 1,580,488 shares valued at approximately $33.76 million.
• Several other institutional investors have also recently enhanced their positions in Plains GP, with Golden State Wealth Management significantly increasing its holdings by 233.1%.
• Wall Street analysts have mixed opinions on Plains GP, with an average rating of "Hold" and a price target of $20.50, while some firms upgraded their ratings to "buy".

BNP Paribas Financial Markets lifted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 17.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,580,488 shares of the pipeline company's stock after purchasing an additional 239,723 shares during the quarter. BNP Paribas Financial Markets owned 0.80% of Plains GP worth $33,759,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC lifted its position in shares of Plains GP by 233.1% in the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Plains GP in the first quarter worth $135,000. McIlrath & Eck LLC bought a new stake in shares of Plains GP in the fourth quarter worth $166,000. GAMMA Investing LLC lifted its position in shares of Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after purchasing an additional 7,997 shares in the last quarter. Finally, Baker Avenue Asset Management LP bought a new stake in shares of Plains GP in the first quarter worth $203,000. Institutional investors own 88.30% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PAGP shares. Citigroup cut their price objective 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. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Mizuho boosted their target price on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. Finally, Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $20.50.

Plains GP Stock Down 1.8%

PAGP traded down $0.33 during trading on Friday, reaching $18.42. 1,991,998 shares of the stock were exchanged, compared to its average volume of 1,670,499. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The stock has a market cap of $3.64 billion, a P/E ratio of 34.76 and a beta of 0.76. The stock's 50 day moving average price is $19.31 and its two-hundred day moving average price is $19.35. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

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

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.