HF Advisory Group LLC Acquires 32,691 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

HF Advisory Group LLC lifted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 31.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,058 shares of the pipeline company’s stock after acquiring an additional 32,691 shares during the period. Plains GP makes up about 1.2% of HF Advisory Group LLC’s holdings, making the stock its 23rd largest holding. HF Advisory Group LLC owned 0.07% of Plains GP worth $2,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. State Street Corp increased its holdings in Plains GP by 17.1% during the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock worth $11,857,000 after acquiring an additional 93,643 shares during the period. Chickasaw Capital Management LLC increased its holdings in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock worth $151,047,000 after purchasing an additional 1,629,008 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Plains GP in the second quarter worth $566,000. Vestcor Inc raised its position in shares of Plains GP by 79.1% in the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock worth $1,451,000 after buying an additional 34,633 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Plains GP by 1.2% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after buying an additional 53,000 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Trading Down 0.3 %

Shares of PAGP stock opened at $21.43 on Friday. 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 business has a 50-day moving average of $19.08 and a 200 day moving average of $18.88. The stock has a market capitalization of $4.23 billion, a PE ratio of 23.54 and a beta of 1.58. Plains GP Holdings, L.P. has a 1-year low of $15.78 and a 1-year high of $21.73.

Plains GP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.38 dividend. This is a boost from Plains GP’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.09%. Plains GP’s dividend payout ratio (DPR) is currently 149.41%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research report on Friday, January 10th. Barclays upped their target price on shares of Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.22.

Plains GP Company 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.