Miller Howard Investments Inc. NY Boosts Stake in Plains GP Holdings, L.P. $PAGP

Miller Howard Investments Inc. NY increased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,130,121 shares of the pipeline company’s stock after purchasing an additional 29,915 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Plains GP were worth $21,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of PAGP. Whittier Trust Co. of Nevada Inc. increased its holdings in Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares in the last quarter. Larson Financial Group LLC bought a new position in Plains GP during the 3rd quarter valued at about $46,000. Lazard Asset Management LLC boosted its holdings in shares of Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares during the last quarter. CWM LLC boosted its holdings in shares of Plains GP by 159.3% during the 3rd quarter. CWM LLC now owns 7,477 shares of the pipeline company’s stock valued at $136,000 after acquiring an additional 4,594 shares during the last quarter. Finally, Tred Avon Family Wealth LLC bought a new stake in shares of Plains GP in the third quarter worth approximately $182,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PAGP. Citigroup boosted their price objective on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Wells Fargo & Company lifted their target price on shares of Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. Truist Financial initiated coverage on shares of Plains GP in a research note on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. Stifel Nicolaus increased their price target on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, March 6th. Finally, Mizuho set a $23.00 price target on Plains GP in a research note on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Plains GP presently has an average rating of “Hold” and a consensus target price of $21.90.

Plains GP Price Performance

PAGP stock opened at $22.69 on Monday. Plains GP Holdings, L.P. has a twelve month low of $16.68 and a twelve month high of $24.75. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market cap of $4.49 billion, a P/E ratio of 42.81 and a beta of 0.50. The business’s 50-day moving average price is $23.06 and its 200-day moving average price is $20.23.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be paid a dividend of $0.4175 per share. The ex-dividend date is Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a yield of 7.4%. Plains GP’s dividend payout ratio (DPR) is presently 129.46%.

Plains GP Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.