Catalyst Capital Advisors LLC Buys 23,640 Shares of Plains GP Holdings, L.P. $PAGP

Catalyst Capital Advisors LLC raised its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 717,163 shares of the pipeline company’s stock after buying an additional 23,640 shares during the period. Catalyst Capital Advisors LLC’s holdings in Plains GP were worth $17,413,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PAGP. North Star Investment Management Corp. purchased a new stake in Plains GP during the first quarter valued at approximately $56,000. Larson Financial Group LLC purchased a new position in Plains GP in the third quarter worth $46,000. O Domhnaill Enterprises Inc. acquired a new position in shares of Plains GP during the first quarter worth $66,000. Lazard Asset Management LLC increased its position in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares in the last quarter. Finally, Virtus Advisers LLC increased its position in shares of Plains GP by 46.5% during the fourth quarter. Virtus Advisers LLC now owns 5,859 shares of the pipeline company’s stock worth $112,000 after purchasing an additional 1,859 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

Shares of PAGP stock opened at $25.61 on Friday. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-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. The stock has a market cap of $5.07 billion, a PE ratio of 48.32 and a beta of 0.45. The business has a 50-day simple moving average of $24.48 and a 200-day simple moving average of $22.98.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.5%. Plains GP’s dividend payout ratio is 172.16%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wells Fargo & Company upped their target price on Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. 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 research report on Thursday, May 14th. Barclays boosted their target price on shares of Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, Mizuho lifted their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $23.36.

Plains GP 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.