Vestcor Inc Has $1.97 Million Stock Position in Plains GP Holdings, L.P. $PAGP

Vestcor Inc reduced its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 19.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 102,786 shares of the pipeline company’s stock after selling 24,387 shares during the period. Vestcor Inc owned about 0.05% of Plains GP worth $1,967,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of PAGP. Pathstone Holdings LLC lifted its stake in Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after purchasing an additional 1,427,743 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Plains GP in the 3rd quarter valued at about $9,629,000. Bank of America Corp DE lifted 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 valued at $31,924,000 after purchasing an additional 466,773 shares during the last quarter. Qube Research & Technologies Ltd lifted 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 valued at $26,393,000 after purchasing an additional 456,426 shares during the last quarter. Finally, Callodine Capital Management LP lifted its stake in Plains GP by 125.0% in the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company’s stock valued at $9,850,000 after purchasing an additional 300,000 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 $24.46 on Monday. The firm has a 50 day moving average price of $24.09 and a two-hundred day moving average price of $21.81. 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 company has a market capitalization of $4.84 billion, a PE ratio of 46.15 and a beta of 0.46. Plains GP Holdings, L.P. has a 12-month low of $16.68 and a 12-month high of $26.15.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date was Friday, May 1st. Plains GP’s payout ratio is presently 172.16%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PAGP shares. Stifel Nicolaus raised their price objective on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Morgan Stanley raised their price objective on shares of Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. US Capital Advisors downgraded shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Wells Fargo & Company raised their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.64.

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.