Invesco Ltd. Has $53.90 Million Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Invesco Ltd. increased its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,932,295 shares of the pipeline company’s stock after buying an additional 27,148 shares during the period. Invesco Ltd. owned 1.48% of Plains GP worth $53,896,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Plains GP by 17.1% in the third quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock worth $11,857,000 after acquiring an additional 93,643 shares in the last quarter. Custom Index Systems LLC acquired a new position in Plains GP during the fourth quarter worth $265,000. Chickasaw Capital Management LLC raised its holdings in Plains GP by 24.7% during 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 buying an additional 1,629,008 shares in the last quarter. Plato Investment Management Ltd lifted its position in shares of Plains GP by 144.2% in the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock worth $661,000 after buying an additional 21,146 shares during the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Plains GP during the 4th quarter worth about $380,000. Institutional investors own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays reduced their target price on Plains GP from $19.00 to $18.00 and set an “underweight” rating for the company in a report on Thursday, April 10th. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a 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 target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. StockNews.com cut shares of Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd. Finally, Raymond James lifted their price objective on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.00.

Plains GP Trading Up 1.7 %

Shares of PAGP opened at $18.63 on Wednesday. The stock’s 50-day moving average price is $20.55 and its 200 day moving average price is $19.67. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $16.61 and a 12-month high of $22.31. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 35.15 and a beta of 1.11.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.16%. The ex-dividend date is Thursday, May 1st. Plains GP’s payout ratio is 286.79%.

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.