JRM Investment Counsel LLC Grows Stock Position in Plains GP Holdings, L.P. $PAGP

JRM Investment Counsel LLC increased its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 11.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 255,000 shares of the pipeline company’s stock after acquiring an additional 26,000 shares during the period. Plains GP comprises about 1.6% of JRM Investment Counsel LLC’s holdings, making the stock its 11th largest holding. JRM Investment Counsel LLC owned approximately 0.13% of Plains GP worth $6,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Meritage Portfolio Management raised its holdings in shares of Plains GP by 36.5% in the fourth quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company’s stock valued at $6,018,000 after purchasing an additional 84,042 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in Plains GP by 14.4% during the fourth quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company’s stock worth $15,998,000 after purchasing an additional 105,448 shares during the last quarter. Miller Howard Investments Inc. NY grew its position in Plains GP by 25.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock worth $34,514,000 after purchasing an additional 291,397 shares in the last quarter. HF Advisory Group LLC grew its position in Plains GP by 37.9% in the 4th quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company’s stock worth $5,097,000 after purchasing an additional 73,248 shares in the last quarter. Finally, Advisors Capital Management LLC increased its stake in Plains GP by 6.1% in the 4th quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company’s stock valued at $54,165,000 after buying an additional 163,094 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Citigroup boosted their target price on Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research report on Monday, June 22nd. Morgan Stanley increased their price target on Plains GP from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, Wells Fargo & Company boosted their price objective on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.36.

Plains GP Stock Performance

Shares of PAGP stock opened at $26.51 on Friday. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of 50.02 and a beta of 0.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $26.54. The firm’s 50-day simple moving average is $24.68 and its two-hundred day simple moving average is $23.20.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP’s payout ratio is 172.16%.

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.