Pin Oak Investment Advisors Inc. Invests $1.67 Million in Plains GP Holdings, L.P. $PAGP

Pin Oak Investment Advisors Inc. purchased a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) during the second quarter, Holdings Channel reports. The firm purchased 68,910 shares of the pipeline company’s stock, valued at approximately $1,674,000.

Other large investors also recently bought and sold shares of the company. Fulcrum Asset Management LLP acquired a new stake in Plains GP in the 2nd quarter valued at about $216,000. Jefferies Financial Group Inc. acquired a new position in shares of Plains GP during the 2nd quarter worth approximately $6,251,000. Bank of America Corp DE grew its position in shares of Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock valued at $93,818,000 after purchasing an additional 112,893 shares in the last quarter. Bluefin Capital Management LLC purchased a new stake in shares of Plains GP in the second quarter valued at approximately $252,000. Finally, First Bancorp Inc ME acquired a new stake in shares of Plains GP in the second quarter valued at approximately $30,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Down 0.2%

Shares of NYSE PAGP opened at $27.97 on Friday. The company has a 50 day simple moving average of $25.52 and a 200-day simple moving average of $24.26. The company has a market capitalization of $5.54 billion, a P/E ratio of 52.77 and a beta of 0.46. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $28.28.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.0%. The ex-dividend date was Friday, July 31st. Plains GP’s dividend payout ratio is presently 59.86%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PAGP shares. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. Barclays upped their target price on Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Morgan Stanley raised their target price on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 18th. Citigroup lifted their price target on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Mizuho boosted their price target on shares of Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.55.

About Plains GP

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.