Plains GP Holdings, L.P. $PAGP Stock Holdings Lifted by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY grew its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 25.8% in the first quarter, Holdings Channel.com reports. The fund owned 1,421,518 shares of the pipeline company’s stock after buying an additional 291,397 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Plains GP were worth $34,514,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Pathstone Holdings LLC raised its position in shares of Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after purchasing an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Plains GP in the 3rd quarter valued at $9,629,000. Bank of America Corp DE increased its stake in Plains GP by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock worth $31,924,000 after purchasing an additional 466,773 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after purchasing an additional 456,426 shares in the last quarter. Finally, Engineers Gate Manager LP raised its holdings in Plains GP by 510.6% during the 4th quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after buying an additional 434,499 shares during the period. 88.30% of the stock is owned by institutional investors.

Plains GP Price Performance

Shares of PAGP opened at $23.83 on Wednesday. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 44.96 and a beta of 0.46. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.15. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The business’s 50-day moving average is $24.07 and its 200-day moving average is $22.28.

Plains GP Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup upped their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Truist Financial started coverage on shares of Plains GP in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the company from $18.00 to $24.00 in a research report on Wednesday, June 3rd. Finally, Mizuho raised 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. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.00.

Plains GP Company 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.