Plains GP Holdings, L.P. $PAGP Stake Lifted by Assetmark Inc.

Assetmark Inc. boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 15.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 231,191 shares of the pipeline company’s stock after purchasing an additional 31,172 shares during the period. Assetmark Inc.’s holdings in Plains GP were worth $5,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in Plains GP by 6.1% in the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock worth $10,003,000 after purchasing an additional 26,952 shares during the last quarter. Natixis bought a new position in Plains GP in the 2nd quarter worth approximately $1,029,000. Qube Research & Technologies Ltd grew its holdings in Plains GP by 7.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 990,557 shares of the pipeline company’s stock worth $19,247,000 after buying an additional 69,970 shares in the last quarter. NewEdge Advisors LLC increased its position in Plains GP by 5.9% in the 2nd quarter. NewEdge Advisors LLC now owns 84,136 shares of the pipeline company’s stock valued at $1,635,000 after acquiring an additional 4,692 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in Plains GP during the 2nd quarter valued at $279,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PAGP has been the topic of a number of research analyst reports. Citigroup raised their price target on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Wells Fargo & Company increased their target price on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Barclays raised their target price on shares of Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. Truist Financial boosted their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.36.

Plains GP Stock Performance

NYSE:PAGP opened at $25.98 on Wednesday. The company has a 50-day moving average of $24.58 and a 200-day moving average of $23.11. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 49.02 and a beta of 0.45. The company has a current ratio of 1.01, a quick ratio of 0.92 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 $26.21.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Friday, July 31st. 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.