Spire Wealth Management boosted its position in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 63.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,538 shares of the pipeline company’s stock after buying an additional 983 shares during the quarter. Spire Wealth Management’s holdings in Plains GP were worth $41,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Plains GP in the 2nd quarter valued at $26,000. Geneos Wealth Management Inc. boosted its holdings in Plains GP by 149.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,171 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 1,300 shares during the period. Allworth Financial LP bought a new stake in Plains GP in the 3rd quarter valued at $48,000. National Bank of Canada FI bought a new stake in Plains GP in the 2nd quarter valued at $53,000. Finally, Archer Investment Corp boosted its holdings in Plains GP by 4,356.9% in the 2nd quarter. Archer Investment Corp now owns 4,546 shares of the pipeline company’s stock valued at $64,000 after purchasing an additional 4,444 shares during the period. 84.45% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts have recently commented on PAGP shares. StockNews.com downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Truist Financial raised their price objective on shares of Plains GP from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, November 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Plains GP currently has an average rating of “Hold” and an average target price of $17.22.
Plains GP Trading Up 1.7 %
Shares of PAGP stock opened at $16.49 on Tuesday. Plains GP Holdings, L.P. has a 12-month low of $11.79 and a 12-month high of $17.05. The company has a market capitalization of $3.24 billion, a P/E ratio of 16.17 and a beta of 1.55. The firm has a 50-day moving average price of $16.07 and a 200 day moving average price of $15.94. The company has a quick ratio of 0.84, a current ratio of 0.95 and a debt-to-equity ratio of 0.49.
Plains GP Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Investors of record on Wednesday, January 31st will be issued a dividend of $0.3175 per share. This is an increase from Plains GP’s previous quarterly dividend of $0.27. This represents a $1.27 annualized dividend and a yield of 7.70%. The ex-dividend date of this dividend is Tuesday, January 30th. Plains GP’s dividend payout ratio (DPR) is currently 124.51%.
About Plains GP
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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