Envestnet Asset Management Inc. Buys 44,948 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Envestnet Asset Management Inc. boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 15.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 329,813 shares of the pipeline company's stock after purchasing an additional 44,948 shares during the period. Envestnet Asset Management Inc. owned approximately 0.17% of Plains GP worth $7,045,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC grew its stake in shares of Plains GP by 18.0% during the first quarter. Catalyst Capital Advisors LLC now owns 885,873 shares of the pipeline company's stock valued at $18,922,000 after acquiring an additional 134,943 shares in the last quarter. D.A. Davidson & CO. grew its stake in Plains GP by 7.3% in the first quarter. D.A. Davidson & CO. now owns 80,062 shares of the pipeline company's stock worth $1,710,000 after purchasing an additional 5,436 shares in the last quarter. Argent Advisors Inc. acquired a new position in Plains GP in the first quarter worth about $1,306,000. Essex Financial Services Inc. acquired a new position in Plains GP in the first quarter worth about $686,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Plains GP by 2.0% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,033,000 shares of the pipeline company's stock worth $86,145,000 after acquiring an additional 80,000 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on PAGP shares. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Mizuho lifted their price target on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a report on Friday. Citigroup lowered their price objective on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Barclays lowered their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $20.88.

Plains GP Stock Down 1.3%

Shares of NYSE:PAGP traded down $0.26 during trading on Friday, reaching $19.82. 1,042,062 shares of the company traded hands, compared to its average volume of 1,709,643. The firm has a fifty day simple moving average of $19.01 and a 200 day simple moving average of $19.79. The firm has a market cap of $3.92 billion, a P/E ratio of 37.40 and a beta of 0.65. 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 quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.67%. The ex-dividend date is Thursday, July 31st. Plains GP's dividend payout ratio (DPR) is currently 205.41%.

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.