CIBC Private Wealth Group LLC Boosts Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

CIBC Private Wealth Group LLC lifted its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 139.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 328,454 shares of the pipeline company's stock after purchasing an additional 191,549 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.17% of Plains GP worth $6,546,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PAGP. State Street Corp boosted its holdings in Plains GP by 17.1% in the third quarter. State Street Corp now owns 640,918 shares of the pipeline company's stock valued at $11,857,000 after purchasing an additional 93,643 shares during the last quarter. Custom Index Systems LLC purchased a new stake in shares of Plains GP in the fourth quarter worth about $265,000. Chickasaw Capital Management LLC grew its holdings in Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock worth $151,047,000 after acquiring an additional 1,629,008 shares during the period. Vestcor Inc grew its holdings in Plains GP by 79.1% during the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company's stock worth $1,451,000 after acquiring an additional 34,633 shares during the period. Finally, Plato Investment Management Ltd raised its position in Plains GP by 144.2% during the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company's stock valued at $661,000 after acquiring an additional 21,146 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Price Performance

Shares of NYSE:PAGP traded down $1.99 during midday trading on Friday, hitting $18.66. The company's stock had a trading volume of 5,364,299 shares, compared to its average volume of 1,576,608. The company has a market cap of $3.69 billion, a P/E ratio of 35.21 and a beta of 1.11. Plains GP Holdings, L.P. has a 12-month low of $17.17 and a 12-month high of $22.31. The business's 50 day simple moving average is $21.19 and its 200 day simple moving average is $19.75. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.15%. The ex-dividend date of this dividend is Thursday, May 1st. Plains GP's dividend payout ratio is currently 286.79%.

Wall Street Analyst Weigh In

PAGP has been the topic of several recent research reports. Wolfe Research upgraded Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price objective on the stock in a research report on Friday, January 10th. Wells Fargo & Company downgraded shares of Plains GP from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. StockNews.com cut shares of Plains GP from a "buy" rating to a "hold" rating in a report on Wednesday. Barclays increased their target price on shares of Plains GP from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Thursday, January 16th. Finally, Morgan Stanley upped their price target on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $21.00.

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.