Assetmark Inc. Increases Holdings in Plains GP Holdings, L.P. $PAGP

Assetmark Inc. lifted its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 24.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 170,378 shares of the pipeline company’s stock after buying an additional 33,684 shares during the period. Assetmark Inc.’s holdings in Plains GP were worth $3,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its holdings in Plains GP by 2.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock valued at $196,592,000 after acquiring an additional 247,365 shares during the period. Chickasaw Capital Management LLC grew its stake in shares of Plains GP by 5.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after purchasing an additional 494,259 shares during the period. Invesco Ltd. increased its position in shares of Plains GP by 3.1% during the 2nd quarter. Invesco Ltd. now owns 4,319,604 shares of the pipeline company’s stock valued at $83,930,000 after purchasing an additional 128,994 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of Plains GP by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,585,000 shares of the pipeline company’s stock worth $65,390,000 after purchasing an additional 42,000 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Plains GP by 3.4% in the second quarter. Hsbc Holdings PLC now owns 2,649,726 shares of the pipeline company’s stock worth $51,483,000 after buying an additional 86,695 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

Shares of Plains GP stock opened at $21.95 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.09. The stock’s 50-day simple moving average is $20.01 and its 200-day simple moving average is $18.87. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 41.42 and a beta of 0.57.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 7.6%. The ex-dividend date was Friday, January 30th. Plains GP’s dividend payout ratio is presently 129.46%.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research reports. Barclays upped their target price on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, February 9th. Zacks Research cut shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Citigroup upped their price objective on Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research report on Wednesday, January 28th. Finally, Raymond James Financial reduced their price target on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Plains GP currently has an average rating of “Hold” and a consensus price target of $20.63.

Plains GP Company Profile

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.