Tortoise Capital Advisors L.L.C. Boosts Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Tortoise Capital Advisors L.L.C. lifted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 8.0% in the fourth quarter, HoldingsChannel reports. The firm owned 12,513,005 shares of the pipeline company’s stock after acquiring an additional 927,855 shares during the quarter. Plains GP makes up about 2.9% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 13th biggest position. Tortoise Capital Advisors L.L.C. owned about 0.06% of Plains GP worth $229,989,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Plains GP by 17.1% during the third quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock worth $11,857,000 after purchasing an additional 93,643 shares in the last quarter. Custom Index Systems LLC acquired a new position in shares of Plains GP during the 4th quarter worth about $265,000. Chickasaw Capital Management LLC increased its holdings in shares of Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after acquiring an additional 1,629,008 shares during the last quarter. Plato Investment Management Ltd raised its position in shares of Plains GP by 144.2% during the 4th quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock worth $661,000 after acquiring an additional 21,146 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in Plains GP during the fourth quarter worth approximately $380,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PAGP has been the topic of several research analyst reports. Raymond James lifted their price target on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 28th. Barclays dropped their target price on Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. StockNews.com cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, January 10th. Finally, Morgan Stanley raised their price objective on shares of Plains GP from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.83.

Plains GP Stock Performance

NYSE PAGP opened at $18.93 on Friday. The business’s 50-day moving average price is $20.43 and its 200 day moving average price is $19.68. 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 Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31. The company has a market capitalization of $3.74 billion, a PE ratio of 35.72 and a beta of 1.11.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 8.03%. Plains GP’s payout ratio is currently 286.79%.

Plains GP Profile

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.