23,072 Shares in Plains GP Holdings, L.P. $PAGP Bought by Storgate LLC

Storgate LLC bought a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 23,072 shares of the pipeline company’s stock, valued at approximately $442,000.

Other hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new stake in Plains GP in the third quarter valued at $46,000. Lazard Asset Management LLC lifted its stake in Plains GP by 36.5% in the second 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. CWM LLC lifted its stake in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock valued at $155,000 after buying an additional 636 shares during the last quarter. Amplify Investments LLC lifted its stake in Plains GP by 21.4% in the fourth quarter. Amplify Investments LLC now owns 9,911 shares of the pipeline company’s stock valued at $174,000 after buying an additional 1,749 shares during the last quarter. Finally, First Foundation Advisors bought a new stake in Plains GP in the third quarter valued at $182,000. 88.30% of the stock is currently owned by institutional investors.

Plains GP Price Performance

Shares of NYSE PAGP opened at $24.38 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.15. The firm’s 50-day simple moving average is $24.11 and its 200 day simple moving average is $22.01. 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 stock has a market cap of $4.82 billion, a P/E ratio of 46.00 and a beta of 0.46.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were paid a dividend of $0.4175 per share. 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 currently 172.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PAGP shares. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Citigroup raised their target price on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Wells Fargo & Company raised their target price on Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Morgan Stanley raised their target price on Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Finally, Mizuho raised their target price on Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Plains GP presently has an average rating of “Hold” and an average price target of $23.00.

About Plains GP

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.