Headlands Technologies LLC Buys 65,720 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Headlands Technologies increased its Plains GP stake by 605.2% in the second quarter, purchasing 65,720 additional shares for a total holding of 76,580 shares valued at approximately $1.86 million. Institutional investors collectively own 88.3% of PAGP.
• Analysts remain generally cautious, with Plains GP carrying a consensus “Hold” rating and an average price target of $23.55, below its reported share price of $28.22.
• Plains GP declared a quarterly dividend of $0.4175, equivalent to $1.67 annually and a 5.9% yield; shares were trading near their 12-month high of $28.33.

Headlands Technologies LLC increased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 605.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,580 shares of the pipeline company's stock after purchasing an additional 65,720 shares during the quarter. Headlands Technologies LLC's holdings in Plains GP were worth $1,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Miller Howard Investments Inc. NY lifted its holdings in Plains GP by 25.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock worth $34,514,000 after buying an additional 291,397 shares during the period. UBS Group AG increased its stake in shares of Plains GP by 1.7% in the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock valued at $65,225,000 after buying an additional 58,003 shares during the period. Bank of America Corp DE raised its position in shares of Plains GP by 86.3% during the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock worth $91,116,000 after acquiring an additional 1,738,351 shares during the last quarter. Energy Income Partners LLC raised its position in shares of Plains GP by 1.4% during the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock worth $217,908,000 after acquiring an additional 120,765 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Plains GP in the first quarter worth approximately $1,144,000. Institutional investors own 88.30% of the company's stock.

Wall Street Analysts Forecast Growth

PAGP has been the topic of several analyst reports. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and upped their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Morgan Stanley boosted their price target on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Barclays upped their price objective on shares of Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a research note on Thursday, July 16th. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their target price 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 equities 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $23.55.

Plains GP Stock Up 0.9%

Shares of NYSE PAGP opened at $28.22 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The firm has a market cap of $5.58 billion, a PE ratio of 53.25 and a beta of 0.46. The company's fifty day simple moving average is $25.62 and its 200 day simple moving average is $24.34. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month high of $28.33.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $0.4175 dividend. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 5.9%. Plains GP's dividend payout ratio is presently 59.86%.

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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