Van ECK Associates Corp Purchases 38,048 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Van ECK Associates increased its Plains GP Holdings position by 51.3% in the second quarter, purchasing 38,048 additional shares for a total of 112,237 shares valued at approximately $2.7 million.
• Institutional investors own 88.3% of PAGP, while analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $24.18.
• Plains GP recently paid a quarterly dividend of $0.4175, representing an annualized dividend of $1.67 and a 6.0% yield; shares opened at $27.68, near their 52-week high of $28.70.

Van ECK Associates Corp lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 51.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 112,237 shares of the pipeline company's stock after buying an additional 38,048 shares during the quarter. Van ECK Associates Corp owned approximately 0.06% of Plains GP worth $2,724,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. First Bancorp Inc ME purchased a new position in shares of Plains GP in the second quarter valued at about $30,000. Larson Financial Group LLC bought a new stake in Plains GP during the 3rd quarter valued at approximately $46,000. North Star Investment Management Corp. bought a new stake in Plains GP during the 1st quarter valued at approximately $56,000. Lazard Asset Management LLC lifted its holdings in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock worth $58,000 after purchasing an additional 811 shares in the last quarter. Finally, O Domhnaill Enterprises Inc. purchased a new position in Plains GP in the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PAGP shares. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Wells Fargo & Company lifted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Truist Financial increased their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Finally, Barclays raised their price objective on Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $24.18.

Plains GP Price Performance

Plains GP stock opened at $27.68 on Friday. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 52.23 and a beta of 0.48. The firm's fifty day moving average is $25.89 and its 200 day moving average is $24.48. 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 $16.68 and a 52-week high of $28.70.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $0.4175 dividend. The ex-dividend date was Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.0%. Plains GP's dividend payout ratio (DPR) is currently 59.86%.

Plains GP Company Profile

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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