NEOS Investment Management LLC Raises Position in Plains GP Holdings, L.P. $PAGP

NEOS Investment Management LLC lifted its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 32.3% during the second quarter, HoldingsChannel reports. The fund owned 500,799 shares of the pipeline company’s stock after acquiring an additional 122,149 shares during the quarter. NEOS Investment Management LLC’s holdings in Plains GP were worth $12,154,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Diesslin Group Inc. lifted its position in Plains GP by 0.8% in the second quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company’s stock valued at $2,011,000 after purchasing an additional 664 shares during the period. McIlrath & Eck LLC raised its stake in shares of Plains GP by 5.9% during the 1st quarter. McIlrath & Eck LLC now owns 12,133 shares of the pipeline company’s stock worth $295,000 after buying an additional 677 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Plains GP by 1.8% during the 1st quarter. Quantinno Capital Management LP now owns 40,208 shares of the pipeline company’s stock worth $976,000 after buying an additional 698 shares in the last quarter. IVC Wealth Advisors LLC lifted its holdings in shares of Plains GP by 4.7% in the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock valued at $391,000 after buying an additional 722 shares during the period. Finally, Creative Planning lifted its holdings in shares of Plains GP by 5.1% in the 3rd quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock valued at $277,000 after buying an additional 742 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PAGP shares. JPMorgan Chase & Co. upped their price objective on Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday. Mizuho increased their target price on shares of Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Morgan Stanley lifted their price target on shares of Plains GP from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 18th. US Capital Advisors lowered Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Finally, The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and upped their price target for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and a consensus price target of $24.18.

Plains GP Trading Up 0.8%

NYSE:PAGP opened at $27.89 on Friday. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $28.70. 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 fifty day simple moving average of $25.97 and a 200-day simple moving average of $24.50. The company has a market capitalization of $5.52 billion, a PE ratio of 52.62 and a beta of 0.48.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $0.4175 per share. The ex-dividend date was Friday, July 31st. This represents a $1.67 dividend on an annualized basis and a yield of 6.0%. Plains GP’s payout ratio is presently 59.86%.

About Plains GP

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.