Sei Investments Co. lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 23.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,955 shares of the pipeline company’s stock after acquiring an additional 16,643 shares during the period. Sei Investments Co.’s holdings in Plains GP were worth $1,050,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. PNC Managed Account Solutions Inc. bought a new stake in shares of Plains GP during the second quarter valued at approximately $51,000. ProVise Management Group LLC increased its position in shares of Plains GP by 34.2% during the second quarter. ProVise Management Group LLC now owns 24,082 shares of the pipeline company’s stock valued at $288,000 after acquiring an additional 6,132 shares in the last quarter. Platform Technology Partners bought a new stake in shares of Plains GP during the second quarter valued at approximately $801,000. Sowell Financial Services LLC increased its position in shares of Plains GP by 79.2% during the second quarter. Sowell Financial Services LLC now owns 65,944 shares of the pipeline company’s stock valued at $787,000 after acquiring an additional 29,148 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Plains GP during the second quarter valued at approximately $123,000. 86.87% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on the stock. Morgan Stanley raised shares of Plains GP from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Friday, July 16th. Raymond James raised their target price on shares of Plains GP from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, July 21st. Wells Fargo & Company raised their target price on shares of Plains GP from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Thursday, June 24th. Zacks Investment Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a report on Thursday, September 16th. Finally, Citigroup raised their target price on shares of Plains GP from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $12.86.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, July 30th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 7.33%. The ex-dividend date was Thursday, July 29th. Plains GP’s dividend payout ratio is presently 9.24%.
Plains GP Profile
Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.
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