Advisors Capital Management LLC Purchases 130,207 Shares of Plains GP Holdings, L.P. $PAGP

Advisors Capital Management LLC grew its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 5.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,565,347 shares of the pipeline company’s stock after purchasing an additional 130,207 shares during the period. Advisors Capital Management LLC owned approximately 1.30% of Plains GP worth $49,845,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PAGP. Huntington National Bank purchased a new stake in shares of Plains GP during the 2nd quarter valued at $31,000. Caitong International Asset Management Co. Ltd grew its position in Plains GP by 378.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in Plains GP in the second quarter valued at $51,000. CWM LLC raised its position in Plains GP by 394.5% during the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Plains GP by 43.2% during the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock worth $68,000 after purchasing an additional 1,051 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 0.3%

Plains GP stock opened at $17.51 on Friday. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $22.31. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 33.04 and a beta of 0.70. The business’s fifty day simple moving average is $17.86 and its two-hundred day simple moving average is $18.55. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.38 dividend. The ex-dividend date is Friday, October 31st. This represents a $1.52 annualized dividend and a yield of 8.7%. Plains GP’s dividend payout ratio (DPR) is currently 163.44%.

Analyst Ratings Changes

A number of brokerages have commented on PAGP. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research report on Monday. Barclays reduced their target price on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Tuesday, October 7th. Morgan Stanley lowered their price target on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 26th. JPMorgan Chase & Co. cut their price target on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 18th. Finally, Raymond James Financial decreased their price objective on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.13.

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.