Turtle Creek Wealth Advisors LLC Acquires 202,625 Shares of Plains GP Holdings, L.P. $PAGP

Turtle Creek Wealth Advisors LLC boosted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 41.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 685,843 shares of the pipeline company’s stock after acquiring an additional 202,625 shares during the quarter. Plains GP accounts for about 1.6% of Turtle Creek Wealth Advisors LLC’s investment portfolio, making the stock its 11th biggest position. Turtle Creek Wealth Advisors LLC owned about 0.35% of Plains GP worth $13,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in Plains GP by 3.7% during the 1st quarter. Blue Trust Inc. now owns 15,344 shares of the pipeline company’s stock worth $328,000 after acquiring an additional 545 shares during the last quarter. Founders Capital Management grew its holdings in Plains GP by 1.2% during the 2nd quarter. Founders Capital Management now owns 67,202 shares of the pipeline company’s stock worth $1,306,000 after acquiring an additional 797 shares during the last quarter. Dakota Wealth Management grew its holdings in Plains GP by 2.0% during the 2nd quarter. Dakota Wealth Management now owns 41,179 shares of the pipeline company’s stock worth $800,000 after acquiring an additional 820 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its holdings in Plains GP by 1.3% during the 1st quarter. Pin Oak Investment Advisors Inc. now owns 83,779 shares of the pipeline company’s stock worth $1,758,000 after acquiring an additional 1,035 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Plains GP by 9.6% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 12,971 shares of the pipeline company’s stock worth $252,000 after acquiring an additional 1,131 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

PAGP has been the topic of a number of research analyst reports. Wolfe Research reissued a “peer perform” rating on shares of Plains GP in a report on Friday, July 25th. Zacks Research downgraded shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Morgan Stanley cut their target price on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Barclays cut their target price on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Finally, Mizuho upped their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.38.

Plains GP Stock Performance

Shares of NYSE:PAGP opened at $17.15 on Thursday. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 32.36 and a beta of 0.68. The firm’s 50 day simple moving average is $18.51 and its 200 day simple moving average is $18.77. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.9%. The ex-dividend date is Friday, October 31st. Plains GP’s dividend payout ratio (DPR) is currently 220.29%.

Plains GP Company 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.