Plains GP Holdings, L.P. $PAGP Shares Bought by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP increased its Plains GP Holdings position by 16.6% in the second quarter, adding 56,213 shares for a total of 395,551 shares valued at approximately $9.6 million.
• Institutional investors own 88.3% of PAGP, with major additions from California State Teachers Retirement System, Bank of America, and Pathstone Holdings.
• Plains GP pays a quarterly dividend of $0.4175 per share, equivalent to a 6.0% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.18, below the stock’s reported $27.89 price.

Engineers Gate Manager LP grew its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 16.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 395,551 shares of the pipeline company's stock after buying an additional 56,213 shares during the period. Engineers Gate Manager LP owned 0.20% of Plains GP worth $9,600,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in Plains GP by 2,156.2% in the second quarter. California State Teachers Retirement System now owns 5,259,139 shares of the pipeline company's stock valued at $127,639,000 after acquiring an additional 5,026,037 shares during the last quarter. Bank of America Corp DE raised its position in Plains GP by 86.3% in the first quarter. Bank of America Corp DE now owns 3,752,707 shares of the pipeline company's stock valued at $91,116,000 after purchasing an additional 1,738,351 shares during the period. Pathstone Holdings LLC raised its position 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 valued at $37,490,000 after purchasing an additional 1,427,743 shares during the period. Qube Research & Technologies Ltd lifted its stake in shares of Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company's stock valued at $26,393,000 after purchasing an additional 456,426 shares during the last quarter. Finally, Miller Howard Investments Inc. NY lifted its stake in shares of Plains GP by 25.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after purchasing an additional 291,397 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Price Performance

PAGP opened at $27.89 on Friday. The stock's 50-day moving average price is $26.27 and its 200 day moving average price is $24.69. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month high of $28.70. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 52.62 and a beta of 0.48. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given 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 of this dividend was Friday, July 31st. Plains GP's dividend payout ratio is currently 59.86%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Barclays upped their target price on shares of Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. Truist Financial lifted their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. The Goldman Sachs Group raised shares of Plains GP from a "sell" rating to a "neutral" rating and boosted their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Morgan Stanley lifted their target price on shares of Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Plains GP currently has a consensus rating of "Hold" and an average target price of $24.18.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. (PAA), an energy infrastructure partnership. Plains GP Holdings generally conducts its activities through its ownership and governance interests in PAA rather than through a separate operating business.

Through PAA, the company is involved in the transportation, storage, gathering, terminaling and logistics of crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck facilities, and export and terminal assets that support the movement of energy commodities from production areas to refineries, processing facilities and other markets.

Plains' operations primarily serve the United States and Canada, with significant infrastructure in major North American crude oil and NGL producing and consuming regions.

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