Plains GP Holdings, L.P. $PAGP Position Boosted by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY boosted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 25.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,421,518 shares of the pipeline company’s stock after acquiring an additional 291,397 shares during the quarter. Miller Howard Investments Inc. NY owned 0.72% of Plains GP worth $34,514,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its stake in shares of Plains GP by 191.8% in the first quarter. SG Americas Securities LLC now owns 67,426 shares of the pipeline company’s stock worth $1,637,000 after purchasing an additional 44,322 shares in the last quarter. IVC Wealth Advisors LLC raised its stake in shares of Plains GP by 4.7% during the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock valued at $391,000 after purchasing an additional 722 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Plains GP by 3.7% in the fourth quarter. Hsbc Holdings PLC now owns 2,764,847 shares of the pipeline company’s stock worth $52,919,000 after purchasing an additional 99,655 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Plains GP by 70.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 19,661 shares of the pipeline company’s stock worth $376,000 after purchasing an additional 8,111 shares during the period. Finally, Corient Private Wealth LLC lifted its holdings in Plains GP by 1.6% in the fourth quarter. Corient Private Wealth LLC now owns 247,162 shares of the pipeline company’s stock worth $4,731,000 after purchasing an additional 3,890 shares during the period. Institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on PAGP shares. Stifel Nicolaus raised their target price on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, March 6th. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Citigroup increased their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. US Capital Advisors lowered shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, Mizuho boosted their target price on Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.00.

Plains GP Trading Up 2.1%

Shares of PAGP stock opened at $23.83 on Wednesday. The stock has a 50-day simple moving average of $24.07 and a 200 day simple moving average of $22.28. The stock has a market capitalization of $4.72 billion, a P/E ratio of 44.96 and a beta of 0.46. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.15. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a $0.4175 dividend. The ex-dividend date of this dividend was Friday, May 1st. This represents a $1.67 annualized dividend and a dividend yield of 7.0%. Plains GP’s payout ratio is currently 172.16%.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.