Assetmark Inc. Boosts Holdings in Plains GP Holdings, L.P. $PAGP

Assetmark Inc. grew its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 24.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,378 shares of the pipeline company’s stock after purchasing an additional 33,684 shares during the period. Assetmark Inc. owned approximately 0.09% of Plains GP worth $3,108,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PAGP. Massachusetts Financial Services Co. MA increased its stake in shares of Plains GP by 2.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock worth $196,592,000 after acquiring an additional 247,365 shares in the last quarter. Caprock Group LLC bought a new stake in Plains GP during the third quarter worth about $3,088,000. Chickasaw Capital Management LLC grew its holdings in Plains GP by 5.9% in the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after purchasing an additional 494,259 shares during the period. Turtle Creek Wealth Advisors LLC increased its stake in shares of Plains GP by 16.8% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock valued at $14,608,000 after purchasing an additional 115,020 shares in the last quarter. Finally, Osaic Holdings Inc. increased its stake in shares of Plains GP by 75.3% during the second quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after purchasing an additional 125,169 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Plains GP Trading Up 0.6%

Plains GP stock opened at $21.95 on Thursday. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $22.09. The business’s fifty day moving average is $20.01 and its 200 day moving average is $18.87. The stock has a market capitalization of $4.34 billion, a PE ratio of 41.42 and a beta of 0.57. 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 disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s payout ratio is presently 129.46%.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of analyst reports. Barclays boosted their price target on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Monday, February 9th. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Morgan Stanley increased their target price on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Raymond James Financial lowered their price target on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Friday, October 24th. Finally, Mizuho set a $23.00 price target on shares of Plains GP in a research note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Plains GP presently has an average rating of “Hold” and a consensus target price of $20.63.

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.