ProVise Management Group LLC Has $2.58 Million Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

ProVise Management Group LLC trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 6.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 140,294 shares of the pipeline company’s stock after selling 9,994 shares during the period. ProVise Management Group LLC owned approximately 0.07% of Plains GP worth $2,579,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of PAGP. Jones Financial Companies Lllp raised its position in Plains GP by 61.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock valued at $25,000 after buying an additional 520 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Plains GP during the 4th quarter worth about $33,000. Allworth Financial LP bought a new stake in Plains GP during the 4th quarter valued at approximately $44,000. Farther Finance Advisors LLC boosted its stake in Plains GP by 8,120.7% during the 4th quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company’s stock valued at $44,000 after purchasing an additional 2,355 shares during the period. Finally, Atala Financial Inc bought a new stake in Plains GP during the 4th quarter valued at approximately $90,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAGP has been the subject of several recent research reports. Barclays upped their price target on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. StockNews.com cut Plains GP from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Wolfe Research upgraded 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. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Finally, Raymond James increased their price objective on shares of Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating, four have assigned 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.60.

Plains GP Stock Performance

PAGP opened at $21.27 on Wednesday. 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 $21.14 and its two-hundred day moving average price is $19.52. Plains GP Holdings, L.P. has a 1-year low of $17.17 and a 1-year high of $22.31. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 40.13 and a beta of 1.55.

Plains GP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.38 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.15%. This is an increase from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio is currently 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.