Pinnacle Holdings LLC Takes $3.93 Million Position in Plains GP Holdings, L.P. $PAGP

Key Points

• Pinnacle Holdings LLC acquired 161,791 shares of Plains GP Holdings, valued at approximately $3.93 million. The position represents 1.2% of Pinnacle’s portfolio and 0.08% of Plains GP’s outstanding shares.
• Institutional ownership remains high, with hedge funds and other institutions holding 88.3% of Plains GP. Several firms recently initiated or increased positions.
• Analysts maintain a consensus “Hold” rating with an average price target of $23.55, while the stock recently traded at $26.84. Plains GP also pays a quarterly dividend of $0.4175 per share, representing a 6.2% annualized yield.

Pinnacle Holdings LLC acquired a new position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 161,791 shares of the pipeline company's stock, valued at approximately $3,927,000. Plains GP comprises 1.2% of Pinnacle Holdings LLC's portfolio, making the stock its 22nd biggest holding. Pinnacle Holdings LLC owned 0.08% of Plains GP at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC acquired a new position in Plains GP during the 3rd quarter worth approximately $46,000. North Star Investment Management Corp. acquired a new position in shares of Plains GP during the 1st quarter worth about $56,000. Lazard Asset Management LLC increased its holdings in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock valued at $58,000 after acquiring an additional 811 shares during the last quarter. O Domhnaill Enterprises Inc. purchased a new position in shares of Plains GP in the 1st quarter valued at about $66,000. Finally, Virtus Advisers LLC raised its position in shares of Plains GP by 46.5% during the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company's stock worth $112,000 after acquiring an additional 1,859 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. US Capital Advisors downgraded Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Wells Fargo & Company raised their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 12th. Barclays boosted their price objective on shares of Plains GP from $21.00 to $23.00 and gave the stock an "underweight" rating in a research report on Thursday, July 16th. The Goldman Sachs Group upgraded shares of Plains GP from a "sell" rating to a "neutral" rating and upped their target price for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Finally, Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 22nd. One equities research 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 issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $23.55.

Plains GP Stock Performance

Shares of Plains GP stock opened at $26.84 on Monday. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $27.17. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The company has a market capitalization of $5.31 billion, a P/E ratio of 50.64 and a beta of 0.46. The company's fifty day moving average is $25.10 and its two-hundred day moving average is $24.05.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.4175 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.2%. Plains GP's dividend payout ratio (DPR) is currently 59.86%.

Plains GP Company Profile

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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