Summit Securities Group LLC Makes New Investment in Plains GP Holdings, L.P. $PAGP

Key Points

• Summit Securities Group LLC disclosed a new first-quarter stake in Plains GP Holdings, buying 47,100 shares valued at about $1.14 million.
• Institutional interest in PAGP remains strong, with hedge funds and other investors owning 88.3% of the company’s stock.
• Analysts have a mixed but generally cautious view: the stock’s average rating is Hold with a consensus price target of $23, while Plains GP also announced a $0.4175 quarterly dividend yielding about 6.8%.

Summit Securities Group LLC acquired a new stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 47,100 shares of the pipeline company's stock, valued at approximately $1,144,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of Plains GP during the 3rd quarter worth about $46,000. North Star Investment Management Corp. acquired a new position in Plains GP in the first quarter valued at about $56,000. Lazard Asset Management LLC boosted its position in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock valued at $58,000 after buying an additional 811 shares in the last quarter. O Domhnaill Enterprises Inc. acquired a new position in Plains GP in the first quarter valued at about $66,000. Finally, Virtus Advisers LLC grew its stake in Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company's stock worth $112,000 after buying an additional 1,859 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PAGP. Mizuho raised their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Barclays boosted their target price on Plains GP from $18.00 to $21.00 and gave the stock an "underweight" rating in a report on Friday, April 10th. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and increased their price target for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Citigroup raised their price target on Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Finally, Wells Fargo & Company raised their target price on Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.00.

Plains GP Price Performance

PAGP opened at $24.67 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market capitalization of $4.88 billion, a P/E ratio of 46.55 and a beta of 0.45. The company's 50 day simple moving average is $24.32 and its 200-day simple moving average is $22.74. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.15.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Friday, July 31st. Plains GP's dividend payout ratio (DPR) is presently 172.16%.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

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