Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 2.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,759,508 shares of the pipeline company’s stock after purchasing an additional 45,217 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Plains GP were worth $26,094,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Plains GP by 41.4% during the first quarter. Goldman Sachs Group Inc. now owns 11,333,168 shares of the pipeline company’s stock valued at $130,898,000 after buying an additional 3,318,007 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Plains GP by 2.1% during the first quarter. Clearbridge Investments LLC now owns 8,379,915 shares of the pipeline company’s stock valued at $109,944,000 after buying an additional 168,521 shares during the last quarter. Millennium Management LLC increased its position in shares of Plains GP by 68.5% during the fourth quarter. Millennium Management LLC now owns 3,254,876 shares of the pipeline company’s stock valued at $40,491,000 after acquiring an additional 1,322,722 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Plains GP by 31.8% in the 1st quarter. Allianz Asset Management GmbH now owns 3,094,335 shares of the pipeline company’s stock worth $35,740,000 after purchasing an additional 747,435 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Plains GP by 3.5% in the fourth quarter. Morgan Stanley now owns 2,939,897 shares of the pipeline company’s stock worth $36,572,000 after purchasing an additional 100,672 shares during the last quarter. 84.45% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. Truist Financial boosted their target price on Plains GP from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Barclays downgraded shares of Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 price objective on the stock. in a research report on Monday, September 25th. StockNews.com downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. The Goldman Sachs Group initiated coverage on Plains GP in a report on Thursday, October 5th. They issued a “sell” rating and a $13.50 price objective for the company. Finally, Citigroup downgraded Plains GP from a “buy” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $15.50 in a research note on Wednesday, September 6th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.22.
In related news, CEO Willie Cw Chiang purchased 62,000 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was bought at an average cost of $16.24 per share, for a total transaction of $1,006,880.00. Following the completion of the transaction, the chief executive officer now directly owns 318,704 shares in the company, valued at $5,175,752.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 9.77% of the company’s stock.
Plains GP Trading Down 0.4 %
Shares of Plains GP stock opened at $15.89 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.84 and a current ratio of 0.95. The company has a fifty day moving average of $15.91 and a 200 day moving average of $15.25. The company has a market capitalization of $3.12 billion, a P/E ratio of 16.21 and a beta of 1.59. Plains GP Holdings, L.P. has a fifty-two week low of $11.79 and a fifty-two week high of $16.70.
Plains GP Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were issued a dividend of $0.2675 per share. This represents a $1.07 annualized dividend and a dividend yield of 6.73%. The ex-dividend date of this dividend was Monday, October 30th. Plains GP’s dividend payout ratio (DPR) is presently 109.18%.
Plains GP Company Profile
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.
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