Navellier & Associates Inc. Purchases New Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Navellier & Associates Inc. has acquired a new investment in Plains GP Holdings, L.P., purchasing 13,500 shares valued at approximately $288,000.
• Plains GP recently declared a quarterly dividend of $0.38, representing an annualized yield of 7.67% and a payout ratio of 205.41%.
• Equity analysts have varying opinions on Plains GP, with a consensus rating of "Hold" and an average target price of $20.88.

Navellier & Associates Inc. bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,500 shares of the pipeline company's stock, valued at approximately $288,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS bought a new position in shares of Plains GP during the 4th quarter valued at about $728,000. LPL Financial LLC grew its holdings in Plains GP by 4.6% during the fourth quarter. LPL Financial LLC now owns 726,056 shares of the pipeline company's stock valued at $13,345,000 after purchasing an additional 32,130 shares during the period. Vanguard Group Inc. lifted its position in shares of Plains GP by 10.0% in the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock worth $58,213,000 after buying an additional 288,430 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in Plains GP by 31.2% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 105,103 shares of the pipeline company's stock worth $1,932,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in Plains GP during the 4th quarter worth $158,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PAGP shares. JPMorgan Chase & Co. raised their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Mizuho increased their target price on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Wednesday, June 18th. Citigroup dropped their target price on Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Finally, Barclays lowered their price objective on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $20.88.

Plains GP Stock Performance

NYSE PAGP traded down $0.12 during trading hours on Wednesday, hitting $19.73. The company had a trading volume of 260,617 shares, compared to its average volume of 1,705,149. 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 1-year low of $16.60 and a 1-year high of $22.31. The company has a market cap of $3.90 billion, a PE ratio of 37.22 and a beta of 0.65. The business has a 50 day moving average of $19.07 and a 200-day moving average of $19.79.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.71%. Plains GP's dividend payout ratio (DPR) 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.