Jennison Associates LLC Purchases 178,370 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Jennison Associates LLC raised its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 12.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,556,848 shares of the pipeline company's stock after acquiring an additional 178,370 shares during the period. Jennison Associates LLC owned approximately 0.79% of Plains GP worth $33,254,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PAGP. Blue Trust Inc. lifted its stake in 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 purchasing an additional 545 shares during the last quarter. ELCO Management Co. LLC increased its holdings in shares of Plains GP by 2.4% during the fourth quarter. ELCO Management Co. LLC now owns 33,954 shares of the pipeline company's stock worth $624,000 after buying an additional 802 shares in the last quarter. NewEdge Advisors LLC increased its holdings 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 buying an additional 953 shares in the last quarter. Insigneo Advisory Services LLC increased its holdings in shares of Plains GP by 11.3% during the fourth quarter. Insigneo Advisory Services LLC now owns 11,283 shares of the pipeline company's stock worth $207,000 after buying an additional 1,146 shares in the last quarter. Finally, Wealth Alliance Advisory Group LLC increased its holdings 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 buying an additional 1,449 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PAGP shares. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Barclays decreased their price objective on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. increased their price objective on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Citigroup decreased their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Morgan Stanley upped their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $20.88.

Plains GP Trading Up 1.5%

NYSE:PAGP opened at $20.01 on Friday. The firm has a 50-day moving average price of $18.88 and a two-hundred day moving average price of $19.76. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 52 week low of $16.61 and a 52 week high of $22.31. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 37.76 and a beta of 0.65.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 7.60%. The ex-dividend date of this dividend is Thursday, July 31st. Plains GP's payout ratio is 205.41%.

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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