Pictet Asset Management Holding SA Buys New Shares in Plains GP Holdings, L.P. $PAGP

Pictet Asset Management Holding SA bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 197,130 shares of the pipeline company’s stock, valued at approximately $5,106,000. Pictet Asset Management Holding SA owned 0.10% of Plains GP as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alps Advisors Inc. raised its stake in Plains GP by 1.8% during the third quarter. Alps Advisors Inc. now owns 1,292,966 shares of the pipeline company’s stock worth $33,488,000 after purchasing an additional 22,845 shares during the period. Arrow Investment Advisors LLC increased its holdings in shares of Plains GP by 16.1% during the 3rd quarter. Arrow Investment Advisors LLC now owns 10,295 shares of the pipeline company’s stock worth $267,000 after buying an additional 1,428 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Plains GP by 7.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 50,053 shares of the pipeline company’s stock worth $1,296,000 after buying an additional 3,571 shares during the last quarter. Cowa LLC increased its holdings in shares of Plains GP by 1.7% during the 3rd quarter. Cowa LLC now owns 34,429 shares of the pipeline company’s stock worth $892,000 after buying an additional 559 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its position in shares of Plains GP by 2.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 187,824 shares of the pipeline company’s stock worth $5,373,000 after buying an additional 3,980 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Trading Up 0.8%

Shares of PAGP stock traded up $0.22 during mid-day trading on Friday, reaching $26.37. The company’s stock had a trading volume of 1,797,762 shares, compared to its average volume of 1,844,751. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $5.22 billion, a PE ratio of 49.76 and a beta of 0.54. The company’s 50 day simple moving average is $27.14 and its 200-day simple moving average is $24.93. Plains GP Holdings, L.P. has a 12-month low of $17.51 and a 12-month high of $28.96.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 13th. Shareholders of record on Friday, October 30th were paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date was Friday, October 30th. Plains GP’s payout ratio is currently 75.23%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PAGP shares. Citigroup lifted their target price on Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 17th. Zacks Research lowered Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Morgan Stanley raised their price objective on Plains GP from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 18th. UBS Group lifted their price objective on Plains GP from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, October 9th. Finally, JPMorgan Chase & Co. boosted their target price on Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and a consensus price target of $26.25.

Plains GP Company Profile

Plains GP Holdings is a publicly traded holding company whose primary business is its ownership interest in Plains All American Pipeline. Through that relationship, it is tied to a midstream energy business focused on transporting, storing, gathering and marketing crude oil and natural gas liquids. Plains All American Pipeline operates pipelines, storage facilities and other logistics infrastructure that connect energy producers with refineries and other customers. Its operations span the United States and Canada, serving key crude oil and natural gas liquids markets.