Vestcor Inc Has $1.97 Million Stake in Plains GP Holdings, L.P. $PAGP

Vestcor Inc trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 19.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 102,786 shares of the pipeline company’s stock after selling 24,387 shares during the period. Vestcor Inc’s holdings in Plains GP were worth $1,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Argent Advisors Inc. raised its position in shares of Plains GP by 2.4% in the fourth quarter. Argent Advisors Inc. now owns 69,776 shares of the pipeline company’s stock valued at $1,336,000 after buying an additional 1,657 shares in the last quarter. Cibc World Market Inc. increased its stake in Plains GP by 42.1% in the fourth quarter. Cibc World Market Inc. now owns 23,069 shares of the pipeline company’s stock valued at $442,000 after acquiring an additional 6,840 shares during the last quarter. WCG Wealth Advisors LLC bought a new position in Plains GP in the fourth quarter valued at approximately $242,000. COFG Advisors LLC bought a new position in Plains GP in the fourth quarter valued at approximately $610,000. Finally, SCS Capital Management LLC increased its stake in Plains GP by 10.4% in the fourth quarter. SCS Capital Management LLC now owns 23,021 shares of the pipeline company’s stock valued at $441,000 after acquiring an additional 2,160 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. Barclays lifted their price objective on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research note on Friday, April 10th. Truist Financial assumed coverage on shares of Plains GP in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Finally, Citigroup lifted their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.64.

Plains GP Stock Performance

NYSE PAGP opened at $24.46 on Monday. The firm’s fifty day moving average price is $24.09 and its two-hundred day moving average price is $21.81. The stock has a market cap of $4.84 billion, a PE ratio of 46.15 and a beta of 0.46. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend was Friday, May 1st. Plains GP’s payout ratio is presently 172.16%.

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.