Entropy Technologies LP Has $2.13 Million Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Entropy Technologies LP increased its Plains GP Holdings (PAGP) position by 383.2% in the first quarter, ending with 87,625 shares valued at approximately $2.13 million. Institutional investors collectively own 88.3% of the company.
• Analyst sentiment remains mixed, with PAGP holding an overall “Hold” rating and an average price target of $23.36, below its reported opening price of $26.45.
• Plains GP declared a quarterly dividend of $0.4175 per share, equivalent to an annualized dividend of $1.67 and a 6.3% yield; shares were trading near their 52-week high of $26.65.

Entropy Technologies LP lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 383.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,625 shares of the pipeline company's stock after acquiring an additional 69,491 shares during the quarter. Entropy Technologies LP's holdings in Plains GP were worth $2,128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PAGP. CWM LLC raised its position in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company's stock valued at $155,000 after purchasing an additional 636 shares during the last quarter. IVC Wealth Advisors LLC grew its holdings in shares of Plains GP by 4.7% during the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company's stock worth $391,000 after purchasing an additional 722 shares during the last quarter. Creative Planning grew its holdings in shares of Plains GP by 5.1% during the third quarter. Creative Planning now owns 15,192 shares of the pipeline company's stock worth $277,000 after purchasing an additional 742 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock valued at $58,000 after buying an additional 811 shares during the period. Finally, ProVise Management Group LLC increased its stake in shares of Plains GP by 0.6% in the fourth quarter. ProVise Management Group LLC now owns 141,282 shares of the pipeline company's stock valued at $2,704,000 after buying an additional 830 shares during the period. Institutional investors own 88.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on PAGP shares. US Capital Advisors downgraded shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. The Goldman Sachs Group upgraded shares of Plains GP from a "sell" rating to a "neutral" rating and upped their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Truist Financial raised their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Mizuho lifted their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $23.36.

Plains GP Stock Performance

NYSE:PAGP opened at $26.45 on Monday. The company has a market capitalization of $5.23 billion, a PE ratio of 49.91 and a beta of 0.45. The company has a 50 day simple moving average of $24.72 and a two-hundred day simple moving average of $23.25. 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 Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.65.

Plains GP Announces Dividend

The company 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 dividend of $0.4175 per share. The ex-dividend date is Friday, July 31st. This represents a $1.67 annualized dividend and a dividend yield of 6.3%. Plains GP's dividend payout ratio is 172.16%.

About Plains GP

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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