Invesco Ltd. Acquires 1,258,315 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Invesco Ltd. increased its stake in Plains GP Holdings, L.P. by 42.9%, acquiring 1,258,315 shares and now holding 4,190,610 shares, valued at approximately $89.5 million.
• Overall, 88.30% of Plains GP's stock is owned by institutional investors, including significant purchases by Tortoise Capital Advisors and Vanguard Group.
• Plains GP recently announced a quarterly dividend of $0.38, resulting in an annual yield of 8.1%, although its payout ratio stands at a notably high 220.29%.

Invesco Ltd. lifted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 42.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,190,610 shares of the pipeline company's stock after buying an additional 1,258,315 shares during the period. Invesco Ltd. owned about 2.12% of Plains GP worth $89,511,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Plains GP by 8.0% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock worth $229,989,000 after buying an additional 927,855 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Plains GP by 2.0% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,033,000 shares of the pipeline company's stock worth $86,145,000 after purchasing an additional 80,000 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Plains GP by 0.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company's stock worth $73,610,000 after purchasing an additional 19,900 shares during the period. Vanguard Group Inc. boosted its stake in shares of Plains GP by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 3,333,055 shares of the pipeline company's stock worth $71,194,000 after purchasing an additional 165,863 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of Plains GP by 31.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company's stock worth $37,436,000 after purchasing an additional 482,213 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PAGP shares. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price target 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. Mizuho lifted their price target on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Citigroup dropped their price target 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $20.88.

Plains GP Price Performance

Plains GP stock opened at $18.83 on Friday. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 35.53 and a beta of 0.70. 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 firm has a 50-day moving average of $19.40 and a two-hundred day moving average of $19.61.

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 given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.1%. The ex-dividend date of this dividend was Thursday, July 31st. Plains GP's payout ratio is 220.29%.

Plains GP Company 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.

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