Fox Run Management L.L.C. Purchases Shares of 40,114 Plains GP Holdings, L.P. (NYSE:PAGP)

Fox Run Management L.L.C. acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 40,114 shares of the pipeline company’s stock, valued at approximately $737,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its position in shares of Plains GP by 17.1% in the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock valued at $11,857,000 after purchasing an additional 93,643 shares during the last quarter. Custom Index Systems LLC purchased a new position in shares of Plains GP in the 4th quarter valued at approximately $265,000. Chickasaw Capital Management LLC raised its position in shares of Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. Vestcor Inc raised its position in shares of Plains GP by 79.1% in the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock valued at $1,451,000 after purchasing an additional 34,633 shares during the last quarter. Finally, Plato Investment Management Ltd raised its position in shares of Plains GP by 144.2% in the 4th quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock valued at $661,000 after purchasing an additional 21,146 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Plains GP Price Performance

Shares of NYSE PAGP opened at $21.34 on Monday. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 40.26 and a beta of 1.55. Plains GP Holdings, L.P. has a 12 month low of $17.17 and a 12 month high of $22.31. The firm’s 50 day simple moving average is $21.23 and its 200-day simple moving average is $19.57. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.38 per share. This is a boost from Plains GP’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.12%. Plains GP’s dividend payout ratio (DPR) is presently 286.79%.

About Plains GP

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.