Meritage Portfolio Management Has $6.42 Million Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Meritage Portfolio Management reduced its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 0.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 402,328 shares of the pipeline company’s stock after selling 2,126 shares during the quarter. Meritage Portfolio Management’s holdings in Plains GP were worth $6,417,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its stake in Plains GP by 25.0% in the third quarter. Exchange Traded Concepts LLC now owns 229,546 shares of the pipeline company’s stock valued at $3,700,000 after purchasing an additional 45,974 shares in the last quarter. Miller Howard Investments Inc. NY increased its position in shares of Plains GP by 1.3% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 2,039,393 shares of the pipeline company’s stock valued at $32,875,000 after buying an additional 25,504 shares in the last quarter. Hennessy Advisors Inc. raised its stake in Plains GP by 35.0% during the 3rd quarter. Hennessy Advisors Inc. now owns 1,372,700 shares of the pipeline company’s stock worth $22,128,000 after buying an additional 355,600 shares during the period. Spirit of America Management Corp NY lifted its holdings in Plains GP by 181.8% during the third quarter. Spirit of America Management Corp NY now owns 62,000 shares of the pipeline company’s stock worth $999,000 after acquiring an additional 40,000 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in Plains GP during the third quarter worth about $575,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PAGP has been the topic of several research analyst reports. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Monday, March 4th. Scotiabank started coverage on shares of Plains GP in a research report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 price objective on the stock. Citigroup increased their target price on Plains GP from $16.50 to $17.50 and gave the stock a “neutral” rating in a report on Friday, March 1st. Stifel Nicolaus boosted their price target on Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, The Goldman Sachs Group increased their price objective on Plains GP from $14.50 to $16.00 and gave the stock a “sell” rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Plains GP currently has an average rating of “Moderate Buy” and a consensus price target of $19.55.

Plains GP Price Performance

Plains GP stock traded down $0.17 during midday trading on Friday, reaching $18.75. The company’s stock had a trading volume of 731,278 shares, compared to its average volume of 2,220,657. The business has a 50-day moving average price of $17.97 and a 200-day moving average price of $16.70. Plains GP Holdings, L.P. has a 52 week low of $12.59 and a 52 week high of $19.77. The company has a current ratio of 0.98, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.70 billion, a PE ratio of 18.55 and a beta of 1.55.

Plains GP (NYSE:PAGP) last issued its earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). The company had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. On average, sell-side analysts predict that Plains GP Holdings, L.P. will post 1.05 EPS for the current year.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.77%. The ex-dividend date is Tuesday, April 30th. Plains GP’s dividend payout ratio is 124.51%.

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.