Golden State Wealth Management LLC Buys Shares of 1,800 Plains GP Holdings, L.P. (NYSE:PAGP)

Golden State Wealth Management LLC bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 1,800 shares of the pipeline company’s stock, valued at approximately $33,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PAGP. State Street Corp increased its stake in Plains GP by 17.1% in the third 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 in the last quarter. Custom Index Systems LLC acquired a new position in Plains GP in the fourth quarter valued at about $265,000. 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 acquiring an additional 1,629,008 shares in the last quarter. Vestcor Inc raised its position in shares of Plains GP by 79.1% during the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company’s stock worth $1,451,000 after purchasing an additional 34,633 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Plains GP by 1.2% during the 3rd 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 purchasing an additional 53,000 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

PAGP has been the subject of a number of research reports. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Barclays raised their price objective 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. StockNews.com lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Monday. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Finally, Raymond James upped their price objective 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.60.

Plains GP Trading Down 0.6 %

Shares of Plains GP stock opened at $20.93 on Wednesday. Plains GP Holdings, L.P. has a 12-month low of $16.22 and a 12-month high of $22.31. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average is $19.93 and its 200-day moving average is $19.09. The stock has a market cap of $4.13 billion, a P/E ratio of 24.62 and a beta of 1.58.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a yield of 7.26%. This is a boost from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio (DPR) is currently 178.82%.

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.