Plains GP Holdings, L.P. $PAGP Shares Bought by Artemis Investment Management LLP

Key Points

• Artemis Investment Management increased its Plains GP Holdings stake by 18.1% in the third quarter, acquiring 955,231 shares for a total of 6.23 million shares valued at approximately $161.4 million.
• Institutional investors and hedge funds own 88.3% of PAGP, while the stock recently traded at $26.61 within a 12-month range of $16.68 to $28.70.
• Plains GP declared a quarterly dividend of $0.4175 per share, equivalent to an annualized $1.67 payout and a 6.3% yield; analysts’ consensus rating remains “Hold,” with an average price target of $24.91.

Artemis Investment Management LLP grew its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 18.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,231,288 shares of the pipeline company's stock after purchasing an additional 955,231 shares during the quarter. Plains GP makes up 1.3% of Artemis Investment Management LLP's portfolio, making the stock its 20th largest holding. Artemis Investment Management LLP owned about 3.15% of Plains GP worth $161,390,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Energy Income Partners LLC boosted its position in Plains GP by 1.4% during the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock valued at $217,908,000 after purchasing an additional 120,765 shares during the period. Bank of America Corp DE lifted its stake in Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company's stock valued at $93,818,000 after buying an additional 112,893 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Plains GP by 5.5% during the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock valued at $69,291,000 after acquiring an additional 147,603 shares during the period. Miller Howard Investments Inc. NY boosted its holdings in shares of Plains GP by 25.8% during the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after acquiring an additional 291,397 shares during the period. Finally, Alps Advisors Inc. grew its position in shares of Plains GP by 1.5% during the fourth quarter. Alps Advisors Inc. now owns 1,223,144 shares of the pipeline company's stock worth $23,411,000 after acquiring an additional 18,352 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Price Performance

Shares of PAGP stock traded up $0.40 during midday trading on Thursday, reaching $26.61. 573,993 shares of the company were exchanged, compared to its average volume of 1,774,037. Plains GP Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $28.70. The company has a market cap of $5.27 billion, a P/E ratio of 50.14 and a beta of 0.54. The company's 50 day moving average price is $26.79 and its two-hundred day moving average price is $25.20. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 annualized dividend and a yield of 6.3%. Plains GP's payout ratio is presently 59.86%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays boosted their target price on shares of Plains GP from $23.00 to $24.00 and gave the company an "underweight" rating in a research note on Monday, September 21st. Mizuho lifted their price target on Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a report on Monday, September 21st. Morgan Stanley boosted their price objective on Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Truist Financial increased their price objective on Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Finally, Citigroup raised their target price on Plains GP from $23.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Plains GP presently has an average rating of "Hold" and a consensus price target of $24.91.

Plains GP Profile

Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.

Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America's major midstream energy companies.

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