Hsbc Holdings PLC Has $52.92 Million Holdings in Plains GP Holdings, L.P. $PAGP

Hsbc Holdings PLC raised its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,764,847 shares of the pipeline company’s stock after buying an additional 99,655 shares during the period. Hsbc Holdings PLC owned about 1.40% of Plains GP worth $52,919,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAGP. Larson Financial Group LLC bought a new position in shares of Plains GP during the 3rd quarter worth approximately $46,000. Lazard Asset Management LLC raised its stake in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares during the period. Virtus Advisers LLC raised its stake in Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock valued at $112,000 after acquiring an additional 1,859 shares during the period. Arax Advisory Partners lifted its holdings in Plains GP by 31.4% during the 4th quarter. Arax Advisory Partners now owns 7,141 shares of the pipeline company’s stock valued at $137,000 after purchasing an additional 1,707 shares during the last quarter. Finally, CWM LLC lifted its holdings in Plains GP by 8.5% during the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after purchasing an additional 636 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

Plains GP stock opened at $23.83 on Wednesday. The firm has a market cap of $4.72 billion, a PE ratio of 44.96 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. The stock’s fifty day moving average price is $24.07 and its two-hundred day moving average price is $22.28. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.15.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a $0.4175 dividend. The ex-dividend date was Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.0%. Plains GP’s dividend payout ratio (DPR) is presently 172.16%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Morgan Stanley raised their target price on shares of Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Truist Financial began coverage on shares of Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and boosted their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Citigroup upped their price objective on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.00.

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.