Raymond James Financial Inc. Boosts Stock Position in Plains GP Holdings, L.P. $PAGP

Key Points

• Raymond James Financial Inc. increased its stake in Plains GP Holdings by 56.9% by purchasing an additional 161,349 shares, bringing its total to 445,000 shares valued at approximately $9.5 million.
• Several hedge funds, including Golden State Wealth Management and GAMMA Investing, significantly increased their positions in Plains GP, contributing to institutional investors owning 88.30% of the company's stock.
• The company recently declared a quarterly dividend of $0.38, resulting in an annualized yield of 7.9% with a payout ratio of 220.29%.

Raymond James Financial Inc. raised its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 56.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 445,000 shares of the pipeline company's stock after buying an additional 161,349 shares during the quarter. Raymond James Financial Inc. owned approximately 0.23% of Plains GP worth $9,505,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PAGP. Golden State Wealth Management LLC grew its holdings in Plains GP by 233.1% in the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after buying an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Plains GP in the 1st quarter valued at about $135,000. McIlrath & Eck LLC purchased a new stake in Plains GP in the 4th quarter valued at about $166,000. GAMMA Investing LLC grew its holdings in Plains GP by 2,252.7% in the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after buying an additional 7,997 shares during the period. Finally, Baker Avenue Asset Management LP purchased a new stake in Plains GP in the 1st quarter valued at about $203,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on PAGP. Citigroup lowered their price target on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Morgan Stanley reduced their price objective on Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $20.50.

Plains GP Stock Down 0.1%

Plains GP stock traded down $0.03 during midday trading on Thursday, hitting $18.74. 319,692 shares of the company were exchanged, compared to its average volume of 1,665,749. The company's fifty day moving average price is $19.34 and its 200-day moving average price is $19.40. The company has a market cap of $3.70 billion, a PE ratio of 35.35 and a beta of 0.77. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 8.1%. Plains GP's payout ratio is 220.29%.

About Plains GP

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.