Energy Income Partners LLC Grows Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Energy Income Partners increased its Plains GP Holdings stake by 1.4% in the first quarter, adding 120,765 shares to own 8.97 million shares valued at approximately $217.9 million. Institutional investors collectively own 88.3% of PAGP.
• Plains GP announced a quarterly dividend of $0.4175 per share, or $1.67 annualized, representing a 6.4% yield; its payout ratio is 172.16%.
• PAGP opened at $26.09, near its 52-week high of $26.65. Analysts’ consensus rating remains “Hold”, with an average price target of $23.36 despite several recent target increases.

Energy Income Partners LLC boosted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,974,776 shares of the pipeline company's stock after purchasing an additional 120,765 shares during the period. Plains GP makes up 3.5% of Energy Income Partners LLC's portfolio, making the stock its 6th largest position. Energy Income Partners LLC owned 4.53% of Plains GP worth $217,908,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. grew its stake in shares of Plains GP by 1.5% during the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company's stock valued at $80,006,000 after buying an additional 66,695 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Plains GP by 3.9% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock valued at $71,296,000 after acquiring an additional 140,000 shares during the last quarter. UBS Group AG boosted its holdings in Plains GP by 1.7% during the 4th quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock valued at $65,225,000 after acquiring an additional 58,003 shares during the period. Advisors Capital Management LLC boosted its holdings in Plains GP by 6.1% during the 4th quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company's stock valued at $54,165,000 after acquiring an additional 163,094 shares during the period. Finally, Hsbc Holdings PLC grew its position in Plains GP by 3.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company's stock worth $52,919,000 after acquiring an additional 99,655 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Stock Down 1.4%

NYSE PAGP opened at $26.09 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market capitalization of $5.16 billion, a PE ratio of 49.23 and a beta of 0.45. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $26.65. The business's 50-day moving average is $24.75 and its 200 day moving average is $23.30.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Friday, July 31st. Plains GP's dividend payout ratio (DPR) is currently 172.16%.

Wall Street Analyst Weigh In

PAGP has been the topic of a number of analyst reports. Mizuho lifted their price target on Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Zacks Research raised Plains GP from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. 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 note on Wednesday, May 20th. Finally, Truist Financial upped their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Plains GP currently has an average rating of "Hold" and an average price target of $23.36.

Plains GP Company Profile

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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