Millburn Ridgefield Corp Purchases New Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Millburn Ridgefield Corp acquired a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 12,947 shares of the pipeline company’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PAGP. Golden State Wealth Management LLC bought a new stake in Plains GP in the 4th quarter valued at about $33,000. Allworth Financial LP purchased a new position in shares of Plains GP in the fourth quarter worth about $44,000. Hara Capital LLC bought a new stake in shares of Plains GP in the third quarter valued at approximately $57,000. Venturi Wealth Management LLC purchased a new stake in shares of Plains GP during the 4th quarter valued at approximately $103,000. Finally, Continuum Advisory LLC boosted its holdings in Plains GP by 10.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the period. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PAGP shares. Raymond James increased their target price on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Friday, January 10th. StockNews.com lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Barclays boosted their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.60.

Plains GP Trading Down 0.7 %

PAGP opened at $21.68 on Monday. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 40.91 and a beta of 1.58. Plains GP Holdings, L.P. has a one year low of $16.90 and a one year high of $22.31. The business has a 50 day simple moving average of $20.26 and a two-hundred day simple moving average of $19.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.01%. The ex-dividend date was Friday, January 31st. This is an increase from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio is currently 286.79%.

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.