Vanguard Group Inc. Buys 165,863 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Vanguard Group Inc. increased its stake in Plains GP Holdings, L.P. by 5.2% during the first quarter, now owning approximately 1.69% of the company worth about $71 million.
• The company announced a $0.38 quarterly dividend, translating to an annual yield of 8% with a payout ratio of 220.29%.
• Wall Street analysts have mixed ratings on the stock, with a consensus target price of $20.88, including upgrades and downgrades from various firms.

Vanguard Group Inc. boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,333,055 shares of the pipeline company's stock after acquiring an additional 165,863 shares during the period. Vanguard Group Inc. owned 1.69% of Plains GP worth $71,194,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted its holdings in Plains GP by 233.1% in the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after acquiring an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Plains GP in the first quarter valued at approximately $135,000. GAMMA Investing LLC lifted its stake in Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after buying an additional 7,997 shares during the period. McIlrath & Eck LLC acquired a new position in Plains GP in the fourth quarter valued at approximately $166,000. Finally, Baker Avenue Asset Management LP acquired a new position in Plains GP in the first quarter valued at approximately $203,000. 88.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on PAGP. Morgan Stanley dropped their price target on Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Citigroup dropped their price target on Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. boosted their price target on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $20.50.

Plains GP Stock Up 1.0%

Plains GP stock traded up $0.20 during trading on Thursday, hitting $19.21. 1,028,504 shares of the company were exchanged, compared to its average volume of 1,677,729. The business's 50 day moving average is $19.37 and its 200 day moving average is $19.47. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31. The company has a market capitalization of $3.80 billion, a P/E ratio of 36.24 and a beta of 0.70. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.9%. Plains GP's dividend payout ratio is presently 220.29%.

Plains GP Profile

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.