VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.01 Million Investment in Plains GP Holdings, L.P. $PAGP

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 41,500 shares of the pipeline company's stock, valued at approximately $1,007,000.

A number of other institutional investors have also modified their holdings of PAGP. Royal Bank of Canada boosted its position in Plains GP by 6.1% during the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company's stock worth $10,003,000 after acquiring an additional 26,952 shares during the last quarter. Natixis purchased a new position in shares of Plains GP during the 2nd quarter worth $1,029,000. Qube Research & Technologies Ltd lifted its stake in shares of Plains GP by 7.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company's stock worth $19,247,000 after purchasing an additional 69,970 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Plains GP by 5.9% during the second quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company's stock worth $1,635,000 after purchasing an additional 4,692 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in shares of Plains GP during the second quarter worth $279,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Price Performance

Shares of Plains GP stock opened at $27.99 on Monday. The business's fifty day moving average price is $26.34 and its 200 day moving average price is $24.73. Plains GP Holdings, L.P. has a twelve month low of $16.68 and a twelve month high of $28.70. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $5.54 billion, a P/E ratio of 52.81 and a beta of 0.48.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.0%. Plains GP's payout ratio is presently 59.86%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and upped their target price for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Mizuho upped their price objective on shares of Plains GP from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. JPMorgan Chase & Co. increased their price objective on shares of Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Zacks Research raised shares of Plains GP from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Truist Financial boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $24.18.

Plains GP 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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