Plains GP Holdings, L.P. $PAGP Shares Purchased by Assetmark Inc.

Assetmark Inc. boosted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 231,191 shares of the pipeline company’s stock after acquiring an additional 31,172 shares during the quarter. Assetmark Inc. owned about 0.12% of Plains GP worth $5,613,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new position in shares of Plains GP in the third quarter valued at $46,000. North Star Investment Management Corp. purchased a new stake in Plains GP during the 1st quarter worth $56,000. Lazard Asset Management LLC increased its stake in Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares during the period. O Domhnaill Enterprises Inc. acquired a new position in Plains GP in the 1st quarter worth $66,000. Finally, Virtus Advisers LLC lifted its holdings in Plains GP by 46.5% in the 4th quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after buying an additional 1,859 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 0.2%

Shares of NYSE PAGP opened at $25.98 on Wednesday. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $26.21. 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 stock has a market capitalization of $5.14 billion, a P/E ratio of 49.02 and a beta of 0.45. The stock’s 50 day moving average price is $24.58 and its two-hundred day moving average price is $23.11.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Friday, July 31st. Plains GP’s dividend payout ratio (DPR) is presently 172.16%.

Analyst Ratings Changes

PAGP has been the subject of several recent analyst reports. Mizuho raised their target price on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Barclays boosted their price target on Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research note on Thursday, July 16th. Truist Financial increased their price target on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Morgan Stanley lifted their price objective on Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Finally, The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and upped their target price for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Plains GP presently has an average rating of “Hold” and an average price target of $23.36.

Plains GP 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.