Vestcor Inc Has $2.32 Million Stake in Plains GP Holdings, L.P. $PAGP

Vestcor Inc raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 237.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 127,173 shares of the pipeline company’s stock after purchasing an additional 89,465 shares during the quarter. Vestcor Inc’s holdings in Plains GP were worth $2,320,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Plains GP by 56.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after buying an additional 645 shares during the last quarter. Lazard Asset Management LLC raised its position in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after buying an additional 811 shares during the last quarter. Allworth Financial LP lifted its stake in Plains GP by 43.2% during the 2nd quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock valued at $68,000 after acquiring an additional 1,051 shares in the last quarter. Asset Dedication LLC bought a new position in Plains GP during the 2nd quarter valued at $83,000. Finally, CWM LLC boosted its holdings in Plains GP by 159.3% during the 3rd quarter. CWM LLC now owns 7,477 shares of the pipeline company’s stock worth $136,000 after acquiring an additional 4,594 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 2.2%

Shares of Plains GP stock opened at $23.42 on Thursday. The firm has a market cap of $4.63 billion, a PE ratio of 44.19 and a beta of 0.56. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $24.00. 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 stock has a fifty day moving average price of $21.20 and a 200-day moving average price of $19.27.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is 129.46%.

Analyst Ratings Changes

Several research firms have recently issued reports on PAGP. Stifel Nicolaus upped their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Barclays boosted their price target on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Wells Fargo & Company upped their price objective on shares of Plains GP from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, February 9th. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Finally, Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.11.

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.