Plains GP Holdings, L.P. (NYSE:PAGP) Shares Purchased by State Street Corp

State Street Corp raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 17.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 640,918 shares of the pipeline company’s stock after buying an additional 93,643 shares during the quarter. State Street Corp owned about 0.32% of Plains GP worth $11,857,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. SL Advisors LLC lifted its holdings in shares of Plains GP by 3.3% in the 3rd quarter. SL Advisors LLC now owns 21,282 shares of the pipeline company’s stock worth $394,000 after acquiring an additional 679 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Plains GP by 0.9% during the second quarter. NewEdge Advisors LLC now owns 74,783 shares of the pipeline company’s stock worth $1,407,000 after buying an additional 681 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Plains GP by 1.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 38,898 shares of the pipeline company’s stock valued at $720,000 after buying an additional 717 shares during the period. Townsquare Capital LLC lifted its stake in Plains GP by 1.2% during the 3rd quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock worth $1,110,000 after acquiring an additional 729 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Plains GP by 4.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 16,975 shares of the pipeline company’s stock valued at $319,000 after acquiring an additional 755 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PAGP shares. Wells Fargo & Company cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Wolfe Research raised Plains GP to a “hold” rating in a research report on Wednesday, September 18th. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.88.

Plains GP Stock Up 1.8 %

Shares of NYSE PAGP opened at $18.57 on Thursday. The business has a 50-day moving average of $18.61 and a two-hundred day moving average of $18.74. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 21.85 and a beta of 1.57. Plains GP Holdings, L.P. has a 1 year low of $15.78 and a 1 year high of $20.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.3175 dividend. This represents a $1.27 annualized dividend and a dividend yield of 6.84%. The ex-dividend date was Thursday, October 31st. Plains GP’s payout ratio is 149.41%.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.