Plains GP Target of Unusually Large Options Trading (NYSE:PAGP)

Plains GP Holdings, L.P. (NYSE:PAGP) was the target of some unusual options trading activity on Thursday. Traders bought 114,858 call options on the stock. This is an increase of 1,573% compared to the average volume of 6,865 call options.

Hedge Funds Weigh In On Plains GP

A number of large investors have recently modified their holdings of the business. CWM LLC grew its stake in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after purchasing an additional 636 shares in the last quarter. Diesslin Group Inc. increased its position in shares of Plains GP by 0.8% during the 2nd quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company’s stock worth $2,011,000 after purchasing an additional 664 shares during the last quarter. McIlrath & Eck LLC raised its stake in shares of Plains GP by 5.9% during the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock worth $295,000 after purchasing an additional 677 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Plains GP by 1.8% during the 1st quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company’s stock worth $976,000 after purchasing an additional 698 shares in the last quarter. Finally, IVC Wealth Advisors LLC boosted its holdings in shares of Plains GP by 4.7% in the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock valued at $391,000 after buying an additional 722 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Performance

Shares of PAGP stock opened at $26.58 on Friday. Plains GP has a 12 month low of $16.68 and a 12 month high of $26.77. The company’s fifty day simple moving average is $24.82 and its 200-day simple moving average is $23.45. The firm has a market cap of $5.26 billion, a PE ratio of 50.15 and a beta of 0.45. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP’s payout ratio is presently 172.16%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup boosted their price target on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Truist Financial increased their price objective on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, Wells Fargo & Company lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $23.36.

About Plains GP

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.