Russell Investments Group Ltd. Acquires 78,447 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Russell Investments Group Ltd. increased its holdings in Plains GP Holdings, L.P. by 105.9% during the first quarter, now owning approximately 152,504 shares valued at $3.25 million.
• The company recently announced a quarterly dividend of $0.38 per share, representing an annualized yield of 8.0% and a payout ratio of over 220%.
• Wall Street analysts have mixed ratings on Plains GP, with a consensus rating of "Hold" and an average target price of $20.88 despite some upgrades to "Buy" from research firms.

Russell Investments Group Ltd. grew its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 105.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 152,504 shares of the pipeline company's stock after purchasing an additional 78,447 shares during the quarter. Russell Investments Group Ltd. owned about 0.08% of Plains GP worth $3,257,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PAGP. Golden State Wealth Management LLC raised its holdings in shares of Plains GP by 233.1% in the first 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 last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Plains GP in the first quarter worth about $135,000. McIlrath & Eck LLC acquired a new position in shares of Plains GP during the fourth quarter worth approximately $166,000. GAMMA Investing LLC lifted its position in shares of Plains GP by 2,252.7% during the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after purchasing an additional 7,997 shares in the last quarter. Finally, Baker Avenue Asset Management LP bought a new stake in shares of Plains GP during the first quarter valued at approximately $203,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PAGP. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Mizuho boosted their target price on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. lifted their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, Citigroup dropped their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. One equities research 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's stock. According to MarketBeat, Plains GP has a consensus rating of "Hold" and an average target price of $20.88.

Plains GP Stock Up 0.3%

NYSE:PAGP opened at $18.96 on Friday. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31. 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 firm has a market capitalization of $3.75 billion, a P/E ratio of 35.77 and a beta of 0.70. The stock's fifty day simple moving average is $19.39 and its 200-day simple moving average is $19.50.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.0%. Plains GP's dividend payout ratio (DPR) is 220.29%.

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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