Plains GP Holdings LP (PAGP) Position Increased by RR Advisors LLC
RR Advisors LLC increased its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 28.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,984,000 shares of the pipeline company’s stock after purchasing an additional 435,000 shares during the period. Plains GP accounts for 4.6% of RR Advisors LLC’s investment portfolio, making the stock its 10th largest holding. RR Advisors LLC owned 1.26% of Plains GP worth $48,693,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of PAGP. Janus Henderson Group PLC lifted its stake in shares of Plains GP by 203.4% in the 3rd quarter. Janus Henderson Group PLC now owns 421,275 shares of the pipeline company’s stock worth $10,334,000 after acquiring an additional 282,423 shares during the period. Tortoise Index Solutions LLC increased its holdings in shares of Plains GP by 7.3% in the 3rd quarter. Tortoise Index Solutions LLC now owns 88,349 shares of the pipeline company’s stock valued at $2,167,000 after purchasing an additional 5,982 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Plains GP by 1.0% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 9,366,203 shares of the pipeline company’s stock valued at $229,753,000 after purchasing an additional 92,418 shares in the last quarter. AXA purchased a new position in shares of Plains GP in the 3rd quarter valued at about $565,000. Finally, Keybank National Association OH increased its holdings in shares of Plains GP by 5.6% in the 3rd quarter. Keybank National Association OH now owns 53,621 shares of the pipeline company’s stock valued at $1,315,000 after purchasing an additional 2,845 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.
NYSE:PAGP opened at $20.88 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.89 and a debt-to-equity ratio of 0.72. Plains GP Holdings LP has a twelve month low of $19.38 and a twelve month high of $27.00. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 32.12 and a beta of 1.28.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $1.20 annualized dividend and a yield of 5.75%. Plains GP’s dividend payout ratio (DPR) is currently 184.62%.
In other Plains GP news, Director John T. Raymond bought 25,000 shares of the company’s stock in a transaction on Tuesday, September 25th. The stock was purchased at an average cost of $23.40 per share, for a total transaction of $585,000.00. Following the acquisition, the director now owns 245,531 shares of the company’s stock, valued at approximately $5,745,425.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.80% of the company’s stock.
A number of equities analysts have recently issued reports on PAGP shares. Zacks Investment Research upgraded shares of Plains GP from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Wednesday, September 19th. US Capital Advisors upgraded shares of Plains GP from a “hold” rating to an “overweight” rating and set a $30.00 price target for the company in a report on Friday, August 24th. JPMorgan Chase & Co. increased their price target on shares of Plains GP from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Friday, August 24th. ValuEngine downgraded shares of Plains GP from a “hold” rating to a “sell” rating in a report on Wednesday, November 7th. Finally, Stifel Nicolaus increased their price target on shares of Plains GP from $24.00 to $26.00 and gave the company a “hold” rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Plains GP currently has an average rating of “Hold” and an average target price of $28.64.
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Plains GP Profile
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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