Plains GP Holdings, L.P. (NYSE:PAGP) Position Lifted by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,041 shares of the pipeline company’s stock after acquiring an additional 9,460 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Plains GP worth $2,078,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PAGP. Golden State Wealth Management LLC bought a new position in shares of Plains GP in the 4th quarter worth about $33,000. Allworth Financial LP bought a new position in shares of Plains GP in the 4th quarter worth about $44,000. Hara Capital LLC bought a new position in shares of Plains GP in the 3rd quarter worth about $57,000. Eastern Bank bought a new position in shares of Plains GP in the 3rd quarter worth about $76,000. Finally, Continuum Advisory LLC lifted its position in shares of Plains GP by 10.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Plains GP Stock Down 0.7 %

Plains GP stock opened at $21.68 on Friday. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 40.91 and a beta of 1.58. 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 50-day moving average price is $20.26 and its two-hundred day moving average price is $19.24. Plains GP Holdings, L.P. has a 52 week low of $16.90 and a 52 week high of $22.31.

Plains GP Increases Dividend

The business 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 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 annualized dividend and a yield of 7.01%. 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.