Mirae Asset Global Investments Co. Ltd. boosted its position in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,759,508 shares of the pipeline company’s stock after purchasing an additional 45,217 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Plains GP were worth $26,094,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in PAGP. Allspring Global Investments Holdings LLC acquired a new stake in shares of Plains GP in the second quarter valued at about $26,000. Geneos Wealth Management Inc. boosted its position in shares of Plains GP by 149.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,171 shares of the pipeline company’s stock worth $32,000 after buying an additional 1,300 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Plains GP during the 1st quarter valued at about $40,000. National Bank of Canada FI purchased a new stake in shares of Plains GP during the 2nd quarter valued at about $53,000. Finally, Pinnacle Holdings LLC boosted its holdings in Plains GP by 35.8% in the 1st quarter. Pinnacle Holdings LLC now owns 4,867 shares of the pipeline company’s stock worth $64,000 after acquiring an additional 1,282 shares during the period. Hedge funds and other institutional investors own 84.45% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. Citigroup downgraded shares of Plains GP from a “buy” rating to a “neutral” rating and upped their target price for the company from $14.00 to $15.50 in a research note on Wednesday, September 6th. Barclays downgraded Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 target price for the company. in a research note on Monday, September 25th. The Goldman Sachs Group began coverage on Plains GP in a report on Thursday, October 5th. They issued a “sell” rating and a $13.50 price objective for the company. StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Finally, Truist Financial upped their price target on Plains GP from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Plains GP currently has an average rating of “Hold” and an average price target of $17.22.
Insider Buying and Selling
In related news, CEO Willie Cw Chiang bought 62,000 shares of the stock in a transaction on Thursday, September 28th. The shares were purchased at an average price of $16.24 per share, with a total value of $1,006,880.00. Following the purchase, the chief executive officer now owns 318,704 shares in the company, valued at $5,175,752.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.77% of the company’s stock.
Plains GP Stock Performance
Shares of NYSE PAGP opened at $15.89 on Tuesday. The stock has a 50 day simple moving average of $15.91 and a 200-day simple moving average of $15.25. The company has a current ratio of 0.95, a quick ratio of 0.84 and a debt-to-equity ratio of 0.49. The company has a market cap of $3.12 billion, a PE ratio of 16.21 and a beta of 1.59. Plains GP Holdings, L.P. has a 12-month low of $11.79 and a 12-month high of $16.70.
Plains GP Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were paid a dividend of $0.2675 per share. This represents a $1.07 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date was Monday, October 30th. Plains GP’s dividend payout ratio is currently 109.18%.
About Plains GP
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.
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