Callodine Capital Management LP Boosts Stock Holdings in Plains GP Holdings, L.P. $PAGP

Callodine Capital Management LP raised its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 125.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 540,000 shares of the pipeline company’s stock after acquiring an additional 300,000 shares during the quarter. Callodine Capital Management LP owned approximately 0.27% of Plains GP worth $9,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada raised its stake 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 valued at $10,003,000 after purchasing an additional 26,952 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Plains GP in the 2nd quarter valued at $2,647,000. ProShare Advisors LLC boosted its stake in Plains GP by 13.9% during the 2nd quarter. ProShare Advisors LLC now owns 15,037 shares of the pipeline company’s stock worth $292,000 after purchasing an additional 1,834 shares during the last quarter. Allworth Financial LP boosted its stake in Plains GP by 43.2% during the 2nd 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. Finally, Vise Technologies Inc. purchased a new stake in shares of Plains GP during the second quarter worth $643,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

Plains GP stock opened at $23.12 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average price of $21.35 and a 200 day moving average price of $19.33. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $24.00. The stock has a market cap of $4.58 billion, a P/E ratio of 43.62 and a beta of 0.56.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $0.4175 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.67 dividend on an annualized basis and a yield of 7.2%. Plains GP’s dividend payout ratio is currently 129.46%.

Analyst Ratings Changes

A number of brokerages have recently commented on PAGP. Mizuho set a $23.00 target price on shares of Plains GP in a research report on Friday, January 23rd. Stifel Nicolaus upped their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Citigroup raised their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Finally, Wells Fargo & Company boosted their target price on Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Plains GP presently has an average rating of “Hold” and a consensus price target of $21.22.

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.