Raymond James Financial Inc. Takes Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Raymond James Financial Inc. acquired a new stake in Plains GP Holdings, L.P. (NYSE:PAGP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 283,651 shares of the pipeline company’s stock, valued at approximately $5,214,000. Raymond James Financial Inc. owned about 0.14% of Plains GP as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its stake 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 acquiring an additional 93,643 shares during the last quarter. Custom Index Systems LLC bought a new position in shares of Plains GP during the 4th quarter worth approximately $265,000. Chickasaw Capital Management LLC raised 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 valued at $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. Vestcor Inc lifted its position in shares of Plains GP by 79.1% in 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 in the last quarter. Finally, Plato Investment Management Ltd raised its holdings in Plains GP by 144.2% during the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock worth $661,000 after acquiring an additional 21,146 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Up 0.3 %

Plains GP stock opened at $21.52 on Wednesday. Plains GP Holdings, L.P. has a 1-year low of $17.17 and a 1-year high of $22.31. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of 40.60 and a beta of 1.55. 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 firm’s fifty day moving average price is $21.27 and its two-hundred day moving average price is $19.61.

Plains GP Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.38 per share. The ex-dividend date was Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 7.06%. This is an increase from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio is 286.79%.

Analyst Ratings Changes

PAGP has been the subject of a number of analyst reports. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Friday, January 10th. Morgan Stanley increased their price objective on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday. Raymond James boosted their target price 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. Finally, Barclays increased their price target on Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.00.

Plains GP Company 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.