UBS Group AG Has $65.23 Million Stock Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• UBS Group AG increased its stake in Plains GP to 3,407,809 shares (about 1.72% ownership) after adding 58,003 shares in Q4, a position worth roughly $65.23 million.
• Plains GP declared a quarterly dividend of $0.4175 per share (annualized $1.67) with an ex-dividend date of May 1 and a yield of 6.9%, though the payout ratio is high at 129.46%.
• Institutional investors own 88.3% of the stock and Wall Street’s consensus rating is a Hold with an average price target of $21.90, below the current share price (~$24.23) and the company’s $4.8 billion market cap.

UBS Group AG lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,407,809 shares of the pipeline company's stock after acquiring an additional 58,003 shares during the quarter. UBS Group AG owned approximately 1.72% of Plains GP worth $65,225,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Pathstone Holdings LLC boosted its position in Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company's stock worth $37,490,000 after buying an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. acquired a new position in Plains GP during the 3rd quarter worth about $9,629,000. Bank of America Corp DE lifted its holdings in Plains GP by 36.4% during the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company's stock worth $31,924,000 after buying an additional 466,773 shares during the period. Qube Research & Technologies Ltd lifted its holdings in Plains GP by 46.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company's stock worth $26,393,000 after buying an additional 456,426 shares during the period. Finally, Callodine Capital Management LP lifted its holdings in Plains GP by 125.0% during the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company's stock worth $9,850,000 after buying an additional 300,000 shares during the period. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Trading Up 1.7%

Shares of PAGP stock opened at $24.23 on Tuesday. The company has a market cap of $4.80 billion, a P/E ratio of 45.72 and a beta of 0.46. The stock has a 50 day simple moving average of $23.41 and a two-hundred day simple moving average of $20.60. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $24.75.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Friday, May 1st. Plains GP's payout ratio is presently 129.46%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Truist Financial began coverage on Plains GP in a report on Tuesday, March 24th. They set a "buy" rating and a $23.00 target price on the stock. Bank of America downgraded shares of Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 price target on the stock. in a research report on Wednesday, January 28th. Stifel Nicolaus boosted their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 21st. Finally, Mizuho set a $23.00 price target on shares of Plains GP in a research report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $21.90.

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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