Founders Capital Management Invests $1.42 Million in Plains GP Holdings, L.P. (NYSE:PAGP)

Founders Capital Management acquired a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 66,405 shares of the pipeline company's stock, valued at approximately $1,418,000. Plains GP makes up about 0.9% of Founders Capital Management's holdings, making the stock its 27th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Plains GP by 8.0% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock valued at $229,989,000 after purchasing an additional 927,855 shares in the last quarter. Algert Global LLC lifted its holdings in shares of Plains GP by 781.8% in the fourth quarter. Algert Global LLC now owns 772,966 shares of the pipeline company's stock valued at $14,207,000 after purchasing an additional 685,307 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Plains GP by 11.7% in the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock valued at $113,077,000 after purchasing an additional 646,130 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Plains GP by 31.0% in the fourth quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company's stock valued at $37,436,000 after purchasing an additional 482,213 shares in the last quarter. Finally, Voleon Capital Management LP acquired a new position in shares of Plains GP in the fourth quarter valued at approximately $7,418,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Trading Up 0.8%

Shares of Plains GP stock traded up $0.14 during trading on Thursday, hitting $18.18. The stock had a trading volume of 385,374 shares, compared to its average volume of 1,537,981. The stock has a 50 day simple moving average of $18.47 and a 200 day simple moving average of $19.67. Plains GP Holdings, L.P. has a 1 year low of $16.61 and a 1 year high of $22.31. The company has a market capitalization of $3.59 billion, a PE ratio of 34.30 and a beta of 0.68. 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.36%. The ex-dividend date was Thursday, May 1st. Plains GP's payout ratio is presently 205.41%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PAGP. Mizuho cut their price objective on shares of Plains GP from $21.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Morgan Stanley boosted their price objective on shares of Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 25th. Barclays cut their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a research report on Thursday, April 10th. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Citigroup cut their price objective on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $20.71.

Plains GP 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.