California State Teachers Retirement System lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 33.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 233,102 shares of the pipeline company's stock after buying an additional 58,138 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Plains GP worth $5,660,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the business. Meritage Portfolio Management lifted its position in Plains GP by 36.5% in the 4th quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company's stock valued at $6,018,000 after acquiring an additional 84,042 shares in the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of Plains GP by 25.8% in the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after purchasing an additional 291,397 shares in the last quarter. Evergreen Capital Management LLC boosted its position in shares of Plains GP by 14.4% during the fourth quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company's stock valued at $15,998,000 after buying an additional 105,448 shares during the last quarter. Advisors Capital Management LLC boosted its position in shares of Plains GP by 6.1% during the fourth quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company's stock valued at $54,165,000 after buying an additional 163,094 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Plains GP by 3.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock worth $71,296,000 after buying an additional 140,000 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have commented on PAGP shares. Morgan Stanley lifted their target price on shares of Plains GP from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Zacks Research upgraded Plains GP from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 22nd. The Goldman Sachs Group raised Plains GP from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Barclays upped their price objective on Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a research note on Thursday, July 16th. Finally, Citigroup raised their target price on Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Plains GP has an average rating of "Hold" and a consensus target price of $23.36.
Get Our Latest Stock Report on PAGP
Plains GP Stock Up 1.2%
PAGP stock opened at $25.38 on Friday. The company's 50 day moving average is $24.84 and its 200 day moving average is $23.64. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 47.89 and a beta of 0.46. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $26.77.
Plains GP Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.6%. Plains GP's dividend payout ratio is presently 172.16%.
Plains GP Company Profile
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Free Report)
Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.
The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.
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