Plains GP Holdings, L.P. $PAGP Shares Acquired by NEOS Investment Management LLC

Key Points

• NEOS Investment Management increased its Plains GP Holdings stake by 32.3% in the second quarter, adding 122,149 shares to hold 500,799 shares valued at approximately $12.2 million. Institutional investors collectively own 88.3% of the company.
• Plains GP shares opened at $27.89, near their 52-week high of $28.70, while the company maintains a quarterly dividend of $0.4175 per share, or $1.67 annually, yielding about 6.0%.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell; the stock has an overall “Hold” consensus and an average price target of $24.18.

NEOS Investment Management LLC grew its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 32.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 500,799 shares of the pipeline company's stock after acquiring an additional 122,149 shares during the quarter. NEOS Investment Management LLC owned about 0.25% of Plains GP worth $12,154,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Bancorp Inc ME purchased a new stake in Plains GP during the second quarter worth approximately $30,000. Larson Financial Group LLC acquired a new stake in Plains GP during the 3rd quarter worth $46,000. North Star Investment Management Corp. acquired a new stake in Plains GP during the 1st quarter worth $56,000. Lazard Asset Management LLC lifted its position in Plains GP by 36.5% in the second 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. Finally, Continuum Advisory LLC purchased a new stake in Plains GP in the second quarter valued at $61,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Up 0.8%

PAGP opened at $27.89 on Friday. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $28.70. The business has a 50 day moving average price of $25.97 and a two-hundred day moving average price of $24.50. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a market cap of $5.52 billion, a PE ratio of 52.62 and a beta of 0.48.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Friday, July 31st. Plains GP's dividend payout ratio is 59.86%.

Analyst Ratings Changes

Several research firms have recently weighed in on PAGP. Morgan Stanley boosted their target price on Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. Truist Financial raised their price target on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Mizuho lifted their price target on Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Wells Fargo & Company increased their price objective on Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Finally, Barclays lifted their target price on shares of Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $24.18.

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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