Tortoise Index Solutions LLC Boosts Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Tortoise Index Solutions LLC raised its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 13.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 259,669 shares of the pipeline company’s stock after acquiring an additional 30,123 shares during the quarter. Plains GP makes up 0.8% of Tortoise Index Solutions LLC’s investment portfolio, making the stock its 29th largest position. Tortoise Index Solutions LLC owned approximately 0.13% of Plains GP worth $4,142,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PAGP. Spire Wealth Management increased its holdings in Plains GP by 63.2% during the 3rd 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 purchased a new position in Plains GP during the 3rd quarter valued at about $43,000. Headlands Technologies LLC purchased a new position in Plains GP during the 3rd quarter valued at about $63,000. Advisor Resource Council purchased a new stake in shares of Plains GP during the fourth quarter worth about $167,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in shares of Plains GP by 14.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,809 shares of the pipeline company’s stock worth $190,000 after buying an additional 1,458 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Stock Down 0.7 %

PAGP traded down $0.12 during trading on Tuesday, hitting $18.03. The company had a trading volume of 117,559 shares, compared to its average volume of 2,094,026. The company has a market cap of $3.56 billion, a PE ratio of 20.48 and a beta of 1.54. The business has a 50-day moving average of $18.42 and a 200-day moving average of $17.22. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.88. Plains GP Holdings, L.P. has a 1-year low of $13.78 and a 1-year high of $19.77.

Plains GP (NYSE:PAGP) last released its earnings results on Friday, May 3rd. The pipeline company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.05). Plains GP had a net margin of 0.35% and a return on equity of 1.15%. The business had revenue of $12 billion for the quarter, compared to the consensus estimate of $13.72 billion. As a group, analysts forecast that Plains GP Holdings, L.P. will post 1.01 earnings per share for the current year.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were paid a dividend of $0.3175 per share. The ex-dividend date was Tuesday, April 30th. This represents a $1.27 annualized dividend and a yield of 7.04%. Plains GP’s payout ratio is 144.32%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. StockNews.com downgraded shares of Plains GP from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Morgan Stanley boosted their target price on shares of Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday. Barclays lifted their price target on shares of Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a research report on Friday, April 12th. Citigroup lifted their price target on shares of Plains GP from $17.50 to $18.00 and gave the company a “neutral” rating in a research report on Monday, May 6th. Finally, UBS Group lifted 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. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Plains GP currently has an average rating of “Moderate Buy” and an average price target of $19.82.

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.