Hsbc Holdings PLC Has $69.29 Million Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• HSBC increased its Plains GP Holdings stake by 5.5% in the second quarter, acquiring 147,603 additional shares and bringing its total holdings to 2.85 million shares valued at approximately $69.3 million.
• Institutional investors own 88.3% of PAGP, while analysts maintain a mixed outlook: the stock has an average “Hold” rating and a consensus price target of $24.18.
• Plains GP shares opened at $27.89, near their 12-month high, and the company pays a quarterly dividend of $0.4175 per share, representing a 6.0% annualized yield.

Hsbc Holdings PLC increased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 5.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,854,795 shares of the pipeline company's stock after acquiring an additional 147,603 shares during the quarter. Hsbc Holdings PLC owned about 1.44% of Plains GP worth $69,291,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Beacon Pointe Advisors LLC boosted its holdings in Plains GP by 82.5% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 20,668 shares of the pipeline company's stock valued at $502,000 after purchasing an additional 9,344 shares during the period. Pin Oak Investment Advisors Inc. bought a new position in shares of Plains GP during the second quarter worth approximately $1,674,000. Fulcrum Asset Management LLP bought a new position in shares of Plains GP during the second quarter worth approximately $216,000. Jefferies Financial Group Inc. acquired a new stake in shares of Plains GP in the second quarter valued at approximately $6,251,000. Finally, Bank of America Corp DE raised its position in shares of Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company's stock valued at $93,818,000 after buying an additional 112,893 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of analyst reports. Morgan Stanley increased their price target on Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. The Goldman Sachs Group raised Plains GP from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Mizuho upped their target price on Plains GP from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. Truist Financial increased their target price on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Finally, US Capital Advisors cut Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Plains GP presently has an average rating of "Hold" and a consensus target price of $24.18.

Plains GP Stock Performance

Plains GP stock opened at $27.89 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 stock has a market cap of $5.52 billion, a PE ratio of 52.62 and a beta of 0.48. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month high of $28.70. The business's 50-day moving average price is $26.05 and its two-hundred day moving average price is $24.57.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 annualized dividend and a dividend yield of 6.0%. Plains GP's payout ratio is 59.86%.

Plains GP 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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