Plains GP Holdings, L.P. $PAGP Shares Bought by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services increased its stake in Plains GP by 2.5% to 10,117,959 shares, representing a 5.12% ownership worth about $196.6 million.
• Analysts have trimmed price targets and the consensus rating is a "Hold", with an average target price of about $20.13.
• Plains GP pays a quarterly dividend of $0.38 (annualized $1.52) for a 8.5% yield163.44%, signaling potential sustainability concerns.

Massachusetts Financial Services Co. MA lifted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,117,959 shares of the pipeline company's stock after acquiring an additional 247,365 shares during the quarter. Massachusetts Financial Services Co. MA owned 5.12% of Plains GP worth $196,592,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Huntington National Bank purchased a new stake in Plains GP in the second quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Plains GP by 378.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company's stock valued at $39,000 after buying an additional 1,580 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Plains GP in the 2nd quarter valued at about $51,000. CWM LLC boosted its stake in shares of Plains GP by 394.5% in the second quarter. CWM LLC now owns 2,883 shares of the pipeline company's stock worth $56,000 after buying an additional 2,300 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Plains GP by 43.2% in the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company's stock worth $68,000 after buying an additional 1,051 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on PAGP shares. Raymond James Financial reduced their price target on Plains GP from $24.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Friday, October 24th. Barclays dropped their price objective on shares of Plains GP from $18.00 to $17.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 7th. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research note on Monday, November 10th. JPMorgan Chase & Co. lowered their price target on shares of Plains GP from $21.00 to $20.00 and set a "neutral" rating on the stock in a report on Thursday, September 18th. Finally, Morgan Stanley dropped their price target on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $20.13.

Plains GP Price Performance

Plains GP stock opened at $17.86 on Monday. The stock has a market capitalization of $3.53 billion, a P/E ratio of 33.70 and a beta of 0.70. The company's fifty day moving average price is $17.84 and its 200 day moving average price is $18.54. 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 Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $22.31.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date was Friday, October 31st. Plains GP's dividend payout ratio is 163.44%.

Plains GP Company Profile

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.

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