Hsbc Holdings PLC Has $52.92 Million Position in Plains GP Holdings, L.P. $PAGP

Hsbc Holdings PLC lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,764,847 shares of the pipeline company’s stock after buying an additional 99,655 shares during the period. Hsbc Holdings PLC’s holdings in Plains GP were worth $52,919,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. CWA Asset Management Group LLC boosted its holdings in shares of Plains GP by 19.3% in the 4th quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company’s stock valued at $2,992,000 after purchasing an additional 25,321 shares in the last quarter. Meritage Portfolio Management lifted its position in shares of Plains GP by 36.5% during the 4th quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company’s stock worth $6,018,000 after buying an additional 84,042 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Plains GP by 14.4% during the 4th quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock worth $15,998,000 after buying an additional 105,448 shares during the last quarter. HF Advisory Group LLC boosted its stake in Plains GP by 37.9% in the fourth quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company’s stock valued at $5,097,000 after buying an additional 73,248 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after acquiring an additional 140,000 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PAGP has been the subject of several research analyst reports. Truist Financial began coverage on Plains GP in a research note on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. Morgan Stanley increased their price objective on shares of Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Citigroup boosted their target price on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Mizuho upped their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Finally, US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and a consensus price target of $23.00.

Plains GP Stock Performance

NYSE:PAGP opened at $23.83 on Wednesday. The stock’s 50-day moving average is $24.07 and its 200-day moving average is $22.28. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $26.15. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $4.72 billion, a P/E ratio of 44.96 and a beta of 0.46.

Plains GP Announces Dividend

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

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.