COFG Advisors LLC Takes Position in Plains GP Holdings, L.P. $PAGP

COFG Advisors LLC acquired a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 31,893 shares of the pipeline company’s stock, valued at approximately $610,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cibc World Market Inc. raised its holdings in Plains GP by 3.8% during the third quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock worth $296,000 after purchasing an additional 597 shares during the last quarter. CWM LLC raised its holdings in Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after purchasing an additional 636 shares during the last quarter. Creative Planning raised its holdings in Plains GP by 5.1% during the third quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock worth $277,000 after purchasing an additional 742 shares during the last quarter. Navellier & Associates Inc. raised its holdings in Plains GP by 5.7% during the third quarter. Navellier & Associates Inc. now owns 14,275 shares of the pipeline company’s stock worth $260,000 after purchasing an additional 775 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PAGP. Stifel Nicolaus lifted their price objective on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Morgan Stanley raised their price target on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Barclays raised their price target on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. Finally, Truist Financial initiated coverage on Plains GP in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.50.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $24.78 on Tuesday. The company has a market cap of $4.90 billion, a P/E ratio of 46.76 and a beta of 0.46. 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 $16.68 and a 52 week high of $26.15. The business has a fifty day simple moving average of $24.03 and a 200-day simple moving average of $21.61.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were issued a $0.4175 dividend. The ex-dividend date was Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a yield of 6.7%. Plains GP’s dividend payout ratio (DPR) is presently 172.16%.

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.