Hsbc Holdings PLC Increases Position in Plains GP Holdings, L.P. $PAGP

Key Points

• HSBC Holdings PLC increased its position in Plains GP Holdings by 25.8% in the first quarter, now owning approximately 1.30% of the company, valued at about $54.7 million.
• Plains GP recently paid a $0.38 quarterly dividend, which signifies an annualized yield of 8.0% despite a high dividend payout ratio of 220.29%.
• Recent analyst ratings for Plains GP show a mix of sentiment, with an average rating of "Hold" and a price target of $20.88, indicating a cautious outlook from several financial institutions.

Hsbc Holdings PLC raised its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 25.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,563,031 shares of the pipeline company's stock after purchasing an additional 526,215 shares during the quarter. Hsbc Holdings PLC owned 1.30% of Plains GP worth $54,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of Plains GP by 3.7% during the first quarter. Blue Trust Inc. now owns 15,344 shares of the pipeline company's stock worth $328,000 after acquiring an additional 545 shares during the period. NewEdge Advisors LLC increased its position in shares of Plains GP by 1.2% during the fourth quarter. NewEdge Advisors LLC now owns 78,000 shares of the pipeline company's stock worth $1,434,000 after acquiring an additional 953 shares during the period. Pin Oak Investment Advisors Inc. increased its position in shares of Plains GP by 1.3% during the first quarter. Pin Oak Investment Advisors Inc. now owns 83,779 shares of the pipeline company's stock worth $1,758,000 after acquiring an additional 1,035 shares during the period. Leisure Capital Management increased its position in shares of Plains GP by 2.7% during the first quarter. Leisure Capital Management now owns 52,064 shares of the pipeline company's stock worth $1,112,000 after acquiring an additional 1,390 shares during the period. Finally, Wealth Alliance Advisory Group LLC increased its position in shares of Plains GP by 13.3% during the first quarter. Wealth Alliance Advisory Group LLC now owns 12,350 shares of the pipeline company's stock worth $264,000 after acquiring an additional 1,449 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Stock Performance

NYSE PAGP opened at $18.91 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $22.31. The company has a market capitalization of $3.74 billion, a PE ratio of 35.68 and a beta of 0.70. The company has a fifty day moving average of $19.40 and a two-hundred day moving average of $19.53.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.0%. The ex-dividend date was Thursday, July 31st. Plains GP's dividend payout ratio is currently 220.29%.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of recent research reports. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Mizuho upped their price objective on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Citigroup lowered their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $20.88.

About Plains GP

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.

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