UBS Group AG Has $65.23 Million Position in Plains GP Holdings, L.P. $PAGP

UBS Group AG lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.7% during the fourth quarter, Holdings Channel reports. The fund owned 3,407,809 shares of the pipeline company’s stock after buying an additional 58,003 shares during the quarter. UBS Group AG’s holdings in Plains GP were worth $65,225,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PAGP. Pathstone Holdings LLC lifted its position in shares of Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after acquiring an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Plains GP during the 3rd quarter valued at $9,629,000. Bank of America Corp DE lifted its position in shares of Plains GP by 36.4% during the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after acquiring an additional 466,773 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of Plains GP by 46.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after acquiring an additional 456,426 shares during the period. Finally, Callodine Capital Management LP lifted its position in shares of Plains GP by 125.0% during the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company’s stock valued at $9,850,000 after acquiring an additional 300,000 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

PAGP opened at $24.23 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company’s fifty day moving average price is $23.41 and its two-hundred day moving average price is $20.60. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $24.75. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 45.72 and a beta of 0.46.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 1st will be paid a $0.4175 dividend. The ex-dividend date is Friday, May 1st. This represents a $1.67 annualized dividend and a dividend yield of 6.9%. Plains GP’s dividend payout ratio is presently 129.46%.

Analyst Ratings Changes

A number of research firms recently issued reports on PAGP. Barclays boosted their target price on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research report on Friday, April 10th. Wells Fargo & Company upped their price objective on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, March 13th. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Truist Financial started coverage on shares of Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Plains GP presently has an average rating of “Hold” and a consensus price target of $21.90.

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.