Caprock Group LLC Buys New Position in Plains GP Holdings, L.P. $PAGP

Caprock Group LLC bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 160,025 shares of the pipeline company’s stock, valued at approximately $3,088,000. Caprock Group LLC owned approximately 0.08% of Plains GP at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank acquired a new position in shares of Plains GP in the second quarter valued at approximately $31,000. Whittier Trust Co. of Nevada Inc. grew its stake in Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 645 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Plains GP by 378.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 1,580 shares during the last quarter. CWM LLC lifted its stake in shares of Plains GP by 394.5% during the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 2,300 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PAGP. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. Bank of America lowered shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a report on Wednesday, January 28th. Barclays boosted their target price on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday. Raymond James Financial cut their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 24th. Finally, Mizuho set a $23.00 price objective 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 issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.63.

Plains GP Price Performance

Plains GP stock opened at $21.22 on Friday. The firm has a fifty day moving average of $19.77 and a 200-day moving average of $18.82. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $21.97. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $4.20 billion, a P/E ratio of 40.04 and a beta of 0.57.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a $0.4175 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.67 annualized dividend and a dividend yield of 7.9%. Plains GP’s dividend payout ratio is presently 129.46%.

Plains GP Company Profile

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.