Plains GP Holdings, L.P. (NYSE:PAGP) Holdings Lifted by Readystate Asset Management LP

Readystate Asset Management LP grew its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 196.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 93,545 shares of the pipeline company’s stock after purchasing an additional 61,955 shares during the period. Readystate Asset Management LP’s holdings in Plains GP were worth $1,492,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Spire Wealth Management boosted its holdings in shares of Plains GP by 63.2% in the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 983 shares in the last quarter. Rational Advisors LLC acquired a new stake in Plains GP during the third quarter valued at approximately $43,000. Allworth Financial LP acquired a new stake in Plains GP during the third quarter valued at approximately $48,000. Geneos Wealth Management Inc. lifted its stake in Plains GP by 60.6% during the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Plains GP by 95.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company’s stock valued at $56,000 after purchasing an additional 1,697 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Plains GP from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Citigroup upped their price target on shares of Plains GP from $16.50 to $17.50 and gave the company a “neutral” rating in a research report on Friday, March 1st. Stifel Nicolaus upped their price target on shares of Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group upped their price target on shares of Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plains GP has an average rating of “Moderate Buy” and a consensus target price of $19.55.

Plains GP Stock Performance

NYSE:PAGP traded up $0.03 during midday trading on Wednesday, reaching $18.27. The stock had a trading volume of 1,225,106 shares, compared to its average volume of 2,199,450. Plains GP Holdings, L.P. has a 1-year low of $12.59 and a 1-year high of $19.77. The firm’s fifty day simple moving average is $17.68 and its 200-day simple moving average is $16.56. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.98 and a quick ratio of 0.87. The stock has a market capitalization of $3.60 billion, a P/E ratio of 17.91 and a beta of 1.55.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). Plains GP had a net margin of 0.41% and a return on equity of 1.33%. The company had revenue of $12.70 billion during the quarter, compared to the consensus estimate of $12.88 billion. On average, equities research analysts forecast that Plains GP Holdings, L.P. will post 1.02 EPS for the current fiscal year.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 6.95%. The ex-dividend date is Tuesday, April 30th. Plains GP’s dividend payout ratio (DPR) is presently 124.51%.

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.