Pictet Asset Management SA Invests $110,000 in Plains GP Holdings, L.P. (NYSE:PAGP)

Pictet Asset Management SA acquired a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGPGet Rating) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,657 shares of the pipeline company’s stock, valued at approximately $110,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. boosted its position in shares of Plains GP by 60.6% during the first quarter. Geneos Wealth Management Inc. now owns 3,445 shares of the pipeline company’s stock worth $39,000 after buying an additional 1,300 shares during the period. Cambridge Trust Co. bought a new stake in Plains GP during the first quarter worth approximately $47,000. Spirit of America Management Corp NY bought a new stake in Plains GP during the second quarter worth approximately $62,000. Gilman Hill Asset Management LLC bought a new stake in Plains GP during the second quarter worth approximately $103,000. Finally, 180 Wealth Advisors LLC bought a new stake in Plains GP during the second quarter worth approximately $126,000. 82.51% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $12.86 on Friday. The company’s fifty day moving average is $12.24 and its two-hundred day moving average is $11.68. The company has a quick ratio of 0.93, a current ratio of 1.05 and a debt-to-equity ratio of 0.57. Plains GP Holdings, L.P. has a 12-month low of $9.24 and a 12-month high of $13.38. The company has a market cap of $2.50 billion, a P/E ratio of 12.13 and a beta of 1.63.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were paid a dividend of $0.2175 per share. This represents a $0.87 annualized dividend and a yield of 6.77%. The ex-dividend date of this dividend was Friday, October 28th. Plains GP’s dividend payout ratio (DPR) is currently 82.08%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PAGP. UBS Group boosted their target price on Plains GP from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. JPMorgan Chase & Co. cut Plains GP from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $14.00 in a report on Monday. Mizuho upped their price target on Plains GP from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 8th. Wolfe Research cut Plains GP from an “outperform” rating to a “market perform” rating in a report on Monday, August 1st. Finally, TheStreet raised Plains GP from a “c+” rating to a “b-” rating in a report on Thursday, November 3rd. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.59.

About Plains GP

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Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.

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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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