State Street Corp Acquires 48,614 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• State Street increased its Plains GP Holdings stake by 7.5% in the second quarter, adding 48,614 shares to hold 692,771 shares valued at approximately $16.8 million. Institutional investors and hedge funds collectively own 88.3% of the company.
• Plains GP shares opened at $26.58, near the upper end of their 52-week range, while the company maintains an annualized dividend of $1.67 per share, yielding about 6.3%.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $24.91; recent targets range from $24 to $30.

State Street Corp raised its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 7.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 692,771 shares of the pipeline company's stock after buying an additional 48,614 shares during the period. State Street Corp owned about 0.35% of Plains GP worth $16,814,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of Plains GP by 86.3% during 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 buying an additional 1,738,351 shares during the last quarter. Miller Howard Investments Inc. NY raised its position in 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 buying an additional 291,397 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Plains GP in the 2nd quarter valued at $6,251,000. Pinnacle Holdings LLC bought a new position in Plains GP during the 2nd quarter valued at $3,927,000. Finally, Hsbc Holdings PLC boosted its holdings in Plains GP by 5.5% during the 2nd quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock worth $69,291,000 after acquiring an additional 147,603 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Price Performance

NYSE:PAGP opened at $26.58 on Friday. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $28.70. The stock has a fifty day moving average of $26.81 and a 200 day moving average of $25.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 50.15 and a beta of 0.48.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend was Friday, July 31st. Plains GP's dividend payout ratio is currently 59.86%.

Wall Street Analyst Weigh In

PAGP has been the subject of several research reports. The Goldman Sachs Group upgraded shares of Plains GP from a "sell" rating to a "neutral" rating and increased their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Morgan Stanley raised their target price on Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. US Capital Advisors lowered shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Truist Financial lifted their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Mizuho boosted their price target on shares of Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $24.91.

Plains GP Company Profile

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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