Stephens Inc. AR Grows Holdings in Plains GP Holdings LP (PAGP)
Stephens Inc. AR grew its stake in Plains GP Holdings LP (NYSE:PAGP) by 29.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,630 shares of the pipeline company’s stock after buying an additional 7,603 shares during the period. Stephens Inc. AR’s holdings in Plains GP were worth $804,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PAGP. Russell Investments Group Ltd. purchased a new stake in shares of Plains GP in the 2nd quarter valued at $175,000. Linscomb & Williams Inc. purchased a new stake in shares of Plains GP in the 2nd quarter valued at $179,000. MHI Funds LLC purchased a new stake in shares of Plains GP in the 2nd quarter valued at $208,000. Mackay Shields LLC purchased a new stake in shares of Plains GP in the 2nd quarter valued at $227,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Plains GP in the 2nd quarter valued at $228,000. 89.45% of the stock is owned by institutional investors and hedge funds.
NYSE:PAGP opened at $24.65 on Friday. Plains GP Holdings LP has a 52 week low of $18.98 and a 52 week high of $27.00. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.75 and a quick ratio of 0.63. The firm has a market cap of $3.89 billion, a P/E ratio of 37.92 and a beta of 1.25.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Tuesday, July 31st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, July 30th. This represents a $1.20 dividend on an annualized basis and a yield of 4.87%. Plains GP’s dividend payout ratio is currently 184.62%.
A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Plains GP in a research note on Friday, July 13th. Stifel Nicolaus upped their price objective on shares of Plains GP from $24.00 to $26.00 and gave the company a “hold” rating in a research note on Wednesday, August 8th. ValuEngine cut shares of Plains GP from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. Sanford C. Bernstein cut shares of Plains GP from an “outperform” rating to a “market perform” rating in a research note on Monday, June 18th. Finally, US Capital Advisors raised shares of Plains GP from a “hold” rating to an “overweight” rating and set a $30.00 price objective for the company in a research note on Friday, August 24th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. Plains GP currently has a consensus rating of “Hold” and a consensus target price of $27.27.
About Plains GP
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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