Plains GP Holdings, L.P. $PAGP Shares Acquired by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management LLC boosted its stake in Plains GP by 14.4%, acquiring 105,448 shares to hold 835,817 shares worth about $16.0M, while institutional investors collectively own 88.3% of the company.
• Plains GP declared a quarterly dividend of $0.4175 (annualized $1.67) for a 7.4% yield with an ex-dividend date of May 1 and pay date May 15, but its dividend payout ratio is a high 129.46%, posing sustainability risk.
• Wall Street views are mixed: the consensus rating is Hold with an average target price of $21.90, while the stock trades near $22.69 and has a market cap of $4.49B and a P/E of 42.8.

Evergreen Capital Management LLC grew its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 835,817 shares of the pipeline company's stock after acquiring an additional 105,448 shares during the quarter. Evergreen Capital Management LLC owned 0.42% of Plains GP worth $15,998,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Energy Income Partners LLC boosted its holdings in Plains GP by 1.0% in the third quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company's stock worth $185,987,000 after acquiring an additional 102,916 shares in the last quarter. Invesco Ltd. boosted its holdings in Plains GP by 1.5% in the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company's stock worth $80,006,000 after acquiring an additional 66,695 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock worth $71,296,000 after acquiring an additional 140,000 shares in the last quarter. Advisors Capital Management LLC boosted its holdings in Plains GP by 4.0% in the third quarter. Advisors Capital Management LLC now owns 2,666,859 shares of the pipeline company's stock worth $48,644,000 after acquiring an additional 101,512 shares in the last quarter. Finally, Pathstone Holdings LLC boosted its holdings in Plains GP by 227.5% in the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company's stock worth $37,490,000 after acquiring an additional 1,427,743 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Price Performance

Shares of PAGP stock opened at $22.69 on Tuesday. The stock has a 50 day moving average of $23.10 and a 200 day moving average of $20.26. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $4.49 billion, a P/E ratio of 42.81 and a beta of 0.50. Plains GP Holdings, L.P. has a twelve month low of $16.68 and a twelve month high of $24.75.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 7.4%. The ex-dividend date is Friday, May 1st. Plains GP's dividend payout ratio (DPR) is currently 129.46%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PAGP shares. Zacks Research downgraded Plains GP from a "hold" rating to a "strong sell" rating in a report on Thursday, March 12th. Citigroup raised their price target on Plains GP from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Tuesday, February 10th. Barclays raised their price target on Plains GP from $18.00 to $21.00 and gave the stock an "underweight" rating in a report on Friday, April 10th. Morgan Stanley raised their price objective on Plains GP from $22.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Wednesday, March 18th. Finally, Truist Financial initiated coverage on Plains GP in a research note on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $21.90.

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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