22,461 Shares in Plains GP Holdings, L.P. $PAGP Purchased by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC has acquired 22,461 shares of Plains GP Holdings, L.P. ($PAGP) in the first quarter, valued at approximately $480,000.
• The stock is heavily owned by institutional investors, with 88.30% of shares held by hedge funds and other organizations.
• Plains GP recently announced a quarterly dividend of $0.38 per share, translating to an annual yield of 8.2% and a high dividend payout ratio of 220.29%.

SCS Capital Management LLC bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,461 shares of the pipeline company's stock, valued at approximately $480,000.

Several other institutional investors have also recently made changes to their positions in PAGP. Golden State Wealth Management LLC lifted its position in shares of Plains GP by 233.1% during the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after acquiring an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Plains GP in the first quarter worth $135,000. McIlrath & Eck LLC purchased a new stake in shares of Plains GP in the fourth quarter worth $166,000. GAMMA Investing LLC raised its position in shares of Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after buying an additional 7,997 shares in the last quarter. Finally, State of Wyoming raised its position in shares of Plains GP by 192.3% in the first quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock worth $178,000 after buying an additional 5,468 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PAGP. Zacks Research downgraded Plains GP from a "strong-buy" rating to a "hold" rating in a research report on Monday. Morgan Stanley lowered their price objective on 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. Wolfe Research reiterated a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. JPMorgan Chase & Co. raised their price target on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Finally, Mizuho raised their price target on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $20.50.

Plains GP Trading Down 1.1%

Shares of PAGP traded down $0.21 during trading hours on Wednesday, hitting $18.47. The company had a trading volume of 224,879 shares, compared to its average volume of 1,639,100. The firm has a market cap of $3.65 billion, a P/E ratio of 34.84 and a beta of 0.76. The stock's 50 day moving average price is $19.19 and its 200 day moving average price is $19.21. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were issued a $0.38 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.2%. Plains GP's payout ratio is currently 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.