Eagle Global Advisors LLC Grows Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Eagle Global Advisors LLC increased its stake in Plains GP Holdings by 14.4% during the first quarter, owning approximately 1.35 million shares valued at $28.90 million, constituting 1.2% of its total holdings.
• Institutional investors have significant holdings in Plains GP, with approximately 88.30% of the stock owned by such entities, reflecting a strong interest in the pipeline company.
• Analysts have a mixed outlook on Plains GP, with an average rating of "Hold" and a price target range between $18.00 and $22.00, indicating varying confidence in the stock's future performance.

Eagle Global Advisors LLC raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 14.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,353,145 shares of the pipeline company's stock after buying an additional 169,828 shares during the period. Plains GP comprises about 1.2% of Eagle Global Advisors LLC's investment portfolio, making the stock its 20th biggest position. Eagle Global Advisors LLC owned 0.68% of Plains GP worth $28,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PAGP. Golden State Wealth Management LLC increased its holdings in shares of 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 worth $128,000 after buying an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Plains GP in the 1st quarter worth approximately $135,000. McIlrath & Eck LLC bought a new stake in shares of Plains GP in the 4th quarter worth approximately $166,000. GAMMA Investing LLC lifted its holdings in shares of Plains GP by 2,252.7% in the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after acquiring an additional 7,997 shares during the last quarter. Finally, Baker Avenue Asset Management LP bought a new stake in shares of Plains GP in the 1st quarter worth approximately $203,000. Institutional investors own 88.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of 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 restated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. upped their target price on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Finally, Mizuho upped their target price on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $20.88.

Plains GP Stock Down 0.1%

Shares of PAGP stock traded down $0.02 during trading hours on Thursday, hitting $19.05. 1,580,412 shares of the company's stock traded hands, compared to its average volume of 1,707,271. The stock's fifty day simple moving average is $19.37 and its two-hundred day simple moving average is $19.64. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 35.94 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.0%. The ex-dividend date is Thursday, July 31st. Plains GP's dividend payout ratio (DPR) 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.