Meritage Portfolio Management Raises Stake in Plains GP Holdings, L.P. $PAGP

Key Points

• Meritage Portfolio Management raised its stake 36.5% in Plains GP to 314,420 shares (about 0.16% of the company, worth ~$6.02M), and other institutions also increased positions leaving roughly 88.3% of the stock owned by hedge funds and institutional investors.
• Plains GP declared a quarterly dividend of $0.4175 (annualized $1.67) with an ex-dividend date of May 1 and pay date of May 15, implying a 7.4% yield
• Shares trade near $22.69 with a market cap of $4.49B and a P/E of 42.8 (52-week range $16.68–$24.75); analysts give a consensus rating of Hold with an average price target of $21.90 and mixed individual ratings.

Meritage Portfolio Management boosted its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 36.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 314,420 shares of the pipeline company's stock after purchasing an additional 84,042 shares during the period. Meritage Portfolio Management owned approximately 0.16% of Plains GP worth $6,018,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Caprock Group LLC purchased a new position in Plains GP during the 3rd quarter worth $3,088,000. CWA Asset Management Group LLC grew its position in Plains GP by 19.3% during the 4th quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company's stock worth $2,992,000 after purchasing an additional 25,321 shares during the last quarter. Osaic Holdings Inc. grew its position in Plains GP by 75.3% during the 2nd quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company's stock worth $5,661,000 after purchasing an additional 125,169 shares during the last quarter. Turtle Creek Wealth Advisors LLC boosted its holdings in shares of Plains GP by 16.8% in the third quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company's stock valued at $14,608,000 after acquiring an additional 115,020 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Plains GP by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,585,000 shares of the pipeline company's stock valued at $65,390,000 after acquiring an additional 42,000 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Price Performance

Shares of NYSE PAGP opened at $22.69 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. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $24.75. The firm has a 50-day moving average price of $23.10 and a 200 day moving average price of $20.26. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 42.81 and a beta of 0.50.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be paid a $0.4175 dividend. The ex-dividend date is Friday, May 1st. This represents a $1.67 annualized dividend and a dividend yield of 7.4%. Plains GP's dividend payout ratio (DPR) is 129.46%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PAGP shares. Bank of America downgraded shares of Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 target price on the stock. in a report on Wednesday, January 28th. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, February 10th. Stifel Nicolaus lifted their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a report on Friday, March 6th. Barclays lifted their target price on shares of Plains GP from $18.00 to $21.00 and gave the company an "underweight" rating in a report on Friday, April 10th. Finally, Mizuho set a $23.00 target price on shares of Plains GP in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $21.90.

About Plains GP

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.

Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains GP Holdings, L.P. (NYSE:PAGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.