VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Plains GP Holdings, L.P. $PAGP

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 108,100 shares of the pipeline company’s stock, valued at approximately $2,100,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Founders Capital Management increased its position 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 purchasing an additional 797 shares in the last quarter. Dakota Wealth Management increased its position 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 purchasing an additional 820 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its position 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 purchasing an additional 1,035 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its position 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 purchasing an additional 1,131 shares in the last quarter. Finally, Leisure Capital Management increased its position in Plains GP by 2.7% during the 1st quarter. Leisure Capital Management now owns 52,064 shares of the pipeline company’s stock worth $1,112,000 after purchasing an additional 1,390 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Plains GP Trading Up 1.7%

PAGP opened at $17.38 on Wednesday. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 32.79 and a beta of 0.68. The company’s 50 day moving average price is $18.35 and its two-hundred day moving average price is $18.66.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date of this dividend is Friday, October 31st. Plains GP’s payout ratio is presently 220.29%.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 18th. Barclays lowered their price objective on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, October 7th. Wolfe Research reiterated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Zacks Research lowered shares of Plains GP from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Morgan Stanley reduced 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 report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Plains GP currently has an average rating of “Hold” and an average price target of $20.38.

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.