Pin Oak Investment Advisors Inc. Acquires New Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Pin Oak Investment Advisors acquired 68,910 shares of Plains GP Holdings worth approximately $1.67 million during the second quarter. Institutional investors collectively own 88.3% of the company.
• Plains GP shares opened at $27.97, near their 12-month high of $28.28, and have risen above their 50-day and 200-day moving averages.
• The company pays a quarterly dividend of $0.4175 per share, equating to an annualized $1.67 payout and a 6.0% yield. Analysts have a consensus “Hold” rating with an average price target of $23.55.

Pin Oak Investment Advisors Inc. bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 68,910 shares of the pipeline company's stock, valued at approximately $1,674,000.

Several other large investors also recently made changes to their positions in PAGP. Miller Howard Investments Inc. NY raised its holdings in Plains GP by 25.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock worth $34,514,000 after purchasing an additional 291,397 shares during the period. UBS Group AG grew its holdings in Plains GP by 1.7% in the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock valued at $65,225,000 after purchasing an additional 58,003 shares during the period. Bank of America Corp DE increased its position in shares of Plains GP by 86.3% in the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock valued at $91,116,000 after buying an additional 1,738,351 shares in the last quarter. Energy Income Partners LLC increased its position in shares of Plains GP by 1.4% in the first quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock valued at $217,908,000 after buying an additional 120,765 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in shares of Plains GP in the first quarter valued at approximately $1,144,000. Institutional investors own 88.30% of the company's stock.

Plains GP Price Performance

Shares of Plains GP stock opened at $27.97 on Friday. The stock has a market capitalization of $5.54 billion, a P/E ratio of 52.77 and a beta of 0.46. The business has a 50 day simple moving average of $25.52 and a two-hundred day simple moving average of $24.26. Plains GP Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $28.28. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Friday, July 31st. Plains GP's payout ratio is presently 59.86%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PAGP. Zacks Research upgraded Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. Barclays boosted their price target on shares of Plains GP from $21.00 to $23.00 and gave the stock an "underweight" rating in a report on Thursday, July 16th. Mizuho upped their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Truist Financial increased their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Finally, Morgan Stanley lifted their target price on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $23.55.

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.

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