Plains GP Holdings, L.P. (NYSE:PAGP) Shares Acquired by Modern Wealth Management LLC

Modern Wealth Management LLC increased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 20.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,550 shares of the pipeline company’s stock after buying an additional 6,128 shares during the quarter. Modern Wealth Management LLC’s holdings in Plains GP were worth $672,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PAGP. Jones Financial Companies Lllp lifted its stake in Plains GP by 61.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock valued at $25,000 after acquiring an additional 520 shares during the period. US Bancorp DE lifted its position in Plains GP by 0.7% during the fourth quarter. US Bancorp DE now owns 86,863 shares of the pipeline company’s stock valued at $1,597,000 after purchasing an additional 598 shares during the period. Continuum Advisory LLC boosted its holdings in Plains GP by 10.0% in the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after purchasing an additional 637 shares during the last quarter. Townsquare Capital LLC grew its position in Plains GP by 1.2% during the 3rd quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock worth $1,110,000 after purchasing an additional 729 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Plains GP by 3.0% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 25,634 shares of the pipeline company’s stock valued at $471,000 after buying an additional 748 shares during the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on PAGP. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Friday, January 10th. Morgan Stanley lifted their target price on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday. 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. Barclays lifted their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company lowered shares of 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. Two analysts have rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.00.

Plains GP Stock Performance

NYSE PAGP opened at $21.68 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $21.29 and its 200-day simple moving average is $19.63. The company has a market cap of $4.29 billion, a PE ratio of 40.91 and a beta of 1.55. Plains GP Holdings, L.P. has a 1-year low of $17.17 and a 1-year high of $22.31.

Plains GP Increases Dividend

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