Plains GP Holdings, L.P. $PAGP Shares Acquired by Pinnacle Holdings LLC

Key Points

• Pinnacle Holdings LLC has significantly increased its stake in Plains GP Holdings, acquiring 152,150 additional shares and raising its ownership by 3,191.7% in the first quarter.
• Plains GP recently declared a quarterly dividend of $0.38 per share, translating to an annualized yield of 8.1%, despite a high dividend payout ratio of 220.29%.
• Analysts maintain a generally cautious outlook on Plains GP, with a consensus rating of "Hold" and a target price averaging around $20.88.

Pinnacle Holdings LLC raised its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 3,191.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 156,917 shares of the pipeline company's stock after purchasing an additional 152,150 shares during the period. Plains GP accounts for about 1.3% of Pinnacle Holdings LLC's portfolio, making the stock its 18th largest position. Pinnacle Holdings LLC owned 0.08% of Plains GP worth $3,352,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of Plains GP by 3.7% in the 1st quarter. Blue Trust Inc. now owns 15,344 shares of the pipeline company's stock worth $328,000 after buying an additional 545 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Plains GP by 1.2% in the 4th quarter. NewEdge Advisors LLC now owns 78,000 shares of the pipeline company's stock worth $1,434,000 after buying an additional 953 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its position in shares of Plains GP by 1.3% in the 1st quarter. Pin Oak Investment Advisors Inc. now owns 83,779 shares of the pipeline company's stock worth $1,758,000 after buying an additional 1,035 shares during the last quarter. Insigneo Advisory Services LLC grew its position in shares of Plains GP by 11.3% in the 4th quarter. Insigneo Advisory Services LLC now owns 11,283 shares of the pipeline company's stock worth $207,000 after buying an additional 1,146 shares during the last quarter. Finally, Leisure Capital Management grew its position in shares of Plains GP by 2.7% in the 1st quarter. Leisure Capital Management now owns 52,064 shares of the pipeline company's stock worth $1,112,000 after buying an additional 1,390 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Stock Performance

NYSE PAGP traded up $0.1250 on Thursday, hitting $18.9850. 1,064,122 shares of the company's stock traded hands, compared to its average volume of 1,684,539. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 1-year low of $16.60 and a 1-year high of $22.31. The firm's 50-day moving average price is $19.40 and its two-hundred day moving average price is $19.55. The firm has a market capitalization of $3.75 billion, a PE ratio of 35.84 and a beta of 0.70.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 8.0%. The ex-dividend date was Thursday, July 31st. Plains GP's payout ratio is presently 220.29%.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of analyst reports. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Citigroup lowered their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. JPMorgan Chase & Co. lifted their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Mizuho lifted their target price on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.88.

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.