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

Assetmark Inc. boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 17.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 200,019 shares of the pipeline company’s stock after acquiring an additional 29,641 shares during the period. Assetmark Inc. owned 0.10% of Plains GP worth $3,828,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PAGP. Pathstone Holdings LLC increased its holdings in shares of Plains GP by 227.5% in the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after purchasing an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Plains GP during the third quarter worth approximately $9,629,000. Bank of America Corp DE lifted its holdings in shares of Plains GP by 36.4% during the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock worth $31,924,000 after purchasing an additional 466,773 shares during the period. Qube Research & Technologies Ltd grew its position in Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after buying an additional 456,426 shares during the last quarter. Finally, Callodine Capital Management LP grew its position in Plains GP by 125.0% in the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company’s stock valued at $9,850,000 after buying an additional 300,000 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PAGP shares. Stifel Nicolaus upped their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a report on Wednesday, January 28th. Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Barclays increased their price target on shares of Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a report on Friday, April 10th. Finally, Wells Fargo & Company raised their price objective on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, March 13th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $21.90.

Plains GP Stock Performance

Shares of PAGP opened at $22.69 on Monday. Plains GP Holdings, L.P. has a twelve month low of $16.68 and a twelve month high of $24.75. 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 firm has a market capitalization of $4.49 billion, a P/E ratio of 42.81 and a beta of 0.50. The firm’s 50-day moving average is $23.06 and its two-hundred day moving average is $20.23.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a $1.67 annualized dividend and a yield of 7.4%. Plains GP’s dividend payout ratio is 129.46%.

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.