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

Hsbc Holdings PLC raised its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,764,847 shares of the pipeline company’s stock after purchasing an additional 99,655 shares during the quarter. Hsbc Holdings PLC owned approximately 1.40% of Plains GP worth $52,919,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PAGP. CWM LLC increased its stake in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after purchasing an additional 636 shares in the last quarter. Creative Planning boosted its position in shares of Plains GP by 5.1% during the 3rd quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock worth $277,000 after purchasing an additional 742 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Plains GP by 36.5% during the 2nd 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 in the last quarter. ProVise Management Group LLC grew its stake in shares of Plains GP by 0.6% in the 4th quarter. ProVise Management Group LLC now owns 141,282 shares of the pipeline company’s stock valued at $2,704,000 after buying an additional 830 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in Plains GP by 3.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,290 shares of the pipeline company’s stock valued at $503,000 after buying an additional 961 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Plains GP Price Performance

PAGP stock opened at $24.43 on Monday. The firm has a market capitalization of $4.83 billion, a PE ratio of 46.10 and a beta of 0.45. 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 twelve month low of $16.68 and a twelve month high of $26.15. The stock’s 50 day moving average is $24.22 and its 200-day moving average is $22.57.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a dividend of $0.4175 per share. The ex-dividend date was Friday, May 1st. This represents a $1.67 annualized dividend and a yield of 6.8%. Plains GP’s dividend payout ratio (DPR) is 172.16%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PAGP shares. Citigroup increased 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. Morgan Stanley upped their target price 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. Zacks Research cut Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. US Capital Advisors downgraded shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Wells Fargo & Company upped their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.