Founders Capital Management Acquires 55,056 Shares of Plains GP Holdings, L.P. $PAGP

Founders Capital Management grew its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 81.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 122,258 shares of the pipeline company’s stock after purchasing an additional 55,056 shares during the period. Plains GP comprises approximately 1.2% of Founders Capital Management’s investment portfolio, making the stock its 24th biggest holding. Founders Capital Management owned approximately 0.06% of Plains GP worth $2,230,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its position in Plains GP by 2.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock worth $196,592,000 after buying an additional 247,365 shares in the last quarter. Caprock Group LLC bought a new position in shares of Plains GP in the 3rd quarter valued at about $3,088,000. Chickasaw Capital Management LLC grew its holdings in shares of Plains GP by 5.9% in the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after acquiring an additional 494,259 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of Plains GP by 75.3% in the second quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after acquiring an additional 125,169 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC raised its holdings in Plains GP by 16.8% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock worth $14,608,000 after acquiring an additional 115,020 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Down 1.6%

PAGP stock opened at $23.04 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $24.00. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 43.47 and a beta of 0.56. The business’s fifty day moving average price is $21.28 and its two-hundred day moving average price is $19.30.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a $0.4175 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.67 annualized dividend and a yield of 7.2%. Plains GP’s payout ratio is 129.46%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PAGP. Mizuho set a $23.00 price target on Plains GP in a research report on Friday, January 23rd. Zacks Research lowered Plains GP from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. Morgan Stanley upped their price objective on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a research note on Wednesday, January 28th. Finally, Barclays boosted their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.11.

Plains GP Company 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.