Plains GP Holdings, L.P. (NYSE:PAGP) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) by 3.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 882,050 shares of the pipeline company’s stock after purchasing an additional 30,727 shares during the period. Victory Capital Management Inc.’s holdings in Plains GP were worth $10,986,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. grew 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 in the last quarter. Private Trust Co. NA purchased a new stake in Plains GP during the fourth quarter worth approximately $56,000. Atlas Capital Advisors LLC lifted its stake in Plains GP by 407.9% during the second quarter. Atlas Capital Advisors LLC now owns 7,619 shares of the pipeline company’s stock worth $79,000 after purchasing an additional 6,119 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Plains GP by 1,011.5% during the third quarter. Tower Research Capital LLC TRC now owns 8,670 shares of the pipeline company’s stock worth $94,000 after purchasing an additional 7,890 shares during the last quarter. Finally, Great West Life Assurance Co. Can purchased a new stake in Plains GP during the third quarter worth approximately $98,000. 83.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PAGP shares. Raymond James upgraded Plains GP from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $16.00 to $17.00 in a research note on Friday, April 21st. Mizuho boosted their price objective on Plains GP from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. JPMorgan Chase & Co. boosted their price objective on Plains GP from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, March 9th. StockNews.com began coverage on Plains GP in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, UBS Group upped their price target on Plains GP from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 23rd. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.73.

Plains GP Stock Performance

NYSE PAGP opened at $14.19 on Thursday. The business’s 50-day moving average price is $13.34 and its 200 day moving average price is $13.10. Plains GP Holdings, L.P. has a twelve month low of $9.39 and a twelve month high of $14.28. The company has a market capitalization of $2.76 billion, a PE ratio of 12.87 and a beta of 1.63. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Monday, May 1st were given a dividend of $0.2675 per share. The ex-dividend date was Friday, April 28th. This represents a $1.07 annualized dividend and a yield of 7.54%. Plains GP’s dividend payout ratio (DPR) is presently 97.27%.

Insider Buying and Selling

In other Plains GP news, CEO Willie Cw Chiang bought 75,000 shares of Plains GP stock in a transaction that occurred on Monday, May 8th. The shares were purchased at an average cost of $13.25 per share, for a total transaction of $993,750.00. Following the completion of the transaction, the chief executive officer now owns 256,704 shares of the company’s stock, valued at approximately $3,401,328. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.77% of the stock is currently owned by company insiders.

About Plains GP

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Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.