Hsbc Holdings PLC Increases Position in Plains GP Holdings, L.P. $PAGP

by · The Markets Daily

Hsbc Holdings PLC increased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 3.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,764,847 shares of the pipeline company’s stock after buying an additional 99,655 shares during the period. Hsbc Holdings PLC’s holdings in Plains GP were worth $52,919,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Larson Financial Group LLC bought a new position in Plains GP in the 3rd quarter valued at $46,000. Lazard Asset Management LLC increased its holdings in 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 buying an additional 811 shares during the last quarter. Virtus Advisers LLC increased its holdings in Plains GP by 46.5% during the fourth 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 during the last quarter. Arax Advisory Partners raised its position in Plains GP by 31.4% in the fourth quarter. Arax Advisory Partners now owns 7,141 shares of the pipeline company’s stock worth $137,000 after acquiring an additional 1,707 shares during the period. Finally, CWM LLC raised its position in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after acquiring an additional 636 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Mizuho raised their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a report on Monday, June 22nd. Barclays raised their target price on Plains GP from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, April 10th. Citigroup boosted their target price on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $23.00.

Read Our Latest Stock Report on PAGP

Plains GP Stock Performance

Shares of PAGP stock opened at $24.43 on Monday. The firm’s 50 day moving average is $24.22 and its 200 day moving average is $22.57. The stock has a market capitalization of $4.83 billion, a P/E ratio of 46.10 and a beta of 0.45. Plains GP Holdings, L.P. has a 12 month low of $16.68 and a 12 month high of $26.15. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a dividend of $0.4175 per share. The ex-dividend date was Friday, May 1st. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. Plains GP’s dividend payout ratio is currently 172.16%.

About Plains GP

(Free Report)

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.

Read More

Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains GP Holdings, L.P. (NYSE:PAGP – Free Report).