Kestra Private Wealth Services LLC Makes New Investment in Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Kestra Private Wealth Services LLC acquired 27,334 shares of Plains GP Holdings, L.P. for approximately $584,000 in the first quarter, marking a significant investment in the pipeline company.
• The company announced a quarterly dividend of $0.38, with an annualized dividend yield of 7.67%, indicating strong cash returns for investors.
• Analyst price targets for Plains GP range from $18.00 to $22.00, with a consensus rating of "Hold," reflecting mixed outlooks from different research firms.

Kestra Private Wealth Services LLC acquired a new stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 27,334 shares of the pipeline company's stock, valued at approximately $584,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Formidable Asset Management LLC purchased a new stake in shares of Plains GP during the 1st quarter valued at about $458,000. Private Advisor Group LLC raised its position in shares of Plains GP by 38.4% during the 1st quarter. Private Advisor Group LLC now owns 57,133 shares of the pipeline company's stock valued at $1,220,000 after buying an additional 15,840 shares in the last quarter. Jennison Associates LLC raised its position in shares of Plains GP by 12.9% during the 1st quarter. Jennison Associates LLC now owns 1,556,848 shares of the pipeline company's stock valued at $33,254,000 after buying an additional 178,370 shares in the last quarter. Dakota Wealth Management purchased a new stake in shares of Plains GP during the 1st quarter valued at about $862,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Plains GP during the 1st quarter valued at about $10,322,000. Institutional investors own 88.30% of the company's stock.

Plains GP Price Performance

PAGP traded up $0.26 on Tuesday, reaching $19.85. 218,686 shares of the company's stock were exchanged, compared to its average volume of 1,706,367. The stock has a market cap of $3.92 billion, a PE ratio of 37.44 and a beta of 0.65. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The stock's fifty day moving average price is $19.03 and its 200-day moving average price is $19.79. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 7.66%. Plains GP's payout ratio is presently 205.41%.

Analyst Ratings Changes

PAGP has been the topic of several recent research reports. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Barclays reduced their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research report on Thursday, April 10th. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a research note on Friday. Finally, Citigroup dropped their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.88.

Plains GP 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.