Plains GP Holdings, L.P. (NYSE:PAGP) Shares Bought by Fayez Sarofim & Co

Key Points

• Fayez Sarofim & Co increased its stake in Plains GP Holdings, L.P. by 155.4% during the first quarter, owning 33,213 shares valued at approximately $709,000.
• Plains GP recently declared a quarterly dividend of $0.38, with a dividend yield of 7.9% and a payout ratio of 205.41%.
• Several analysts have issued mixed ratings for Plains GP, with one sell rating, five hold ratings, two buy ratings, and an average price target of $20.88.

Fayez Sarofim & Co lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 155.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 33,213 shares of the pipeline company's stock after buying an additional 20,211 shares during the period. Fayez Sarofim & Co's holdings in Plains GP were worth $709,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Tortoise Capital Advisors L.L.C. raised its stake in Plains GP by 8.0% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock worth $229,989,000 after purchasing an additional 927,855 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Plains GP by 2.0% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,033,000 shares of the pipeline company's stock valued at $86,145,000 after purchasing an additional 80,000 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Plains GP by 0.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company's stock worth $73,610,000 after acquiring an additional 19,900 shares in the last quarter. Vanguard Group Inc. grew its holdings in Plains GP by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 3,333,055 shares of the pipeline company's stock worth $71,194,000 after acquiring an additional 165,863 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Plains GP by 0.9% in the 4th quarter. Invesco Ltd. now owns 2,932,295 shares of the pipeline company's stock valued at $53,896,000 after buying an additional 27,148 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PAGP. Citigroup decreased their price target on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Mizuho lifted their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $20.88.

Plains GP Stock Performance

Shares of NYSE PAGP traded down $0.09 during midday trading on Tuesday, reaching $18.84. 875,144 shares of the company traded hands, compared to its average volume of 1,704,995. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31. The stock has a 50-day moving average price of $19.34 and a 200 day moving average price of $19.65. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 35.54 and a beta of 0.70.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date of this dividend is Thursday, July 31st. Plains GP's dividend payout ratio is currently 220.29%.

About Plains GP

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.