Archer Investment Corp Increases Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Archer Investment Corp lifted its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 4,356.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,546 shares of the pipeline company’s stock after purchasing an additional 4,444 shares during the quarter. Archer Investment Corp’s holdings in Plains GP were worth $64,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PAGP. Advisor Group Holdings Inc. increased its holdings in Plains GP by 14.2% in the 1st quarter. Advisor Group Holdings Inc. now owns 34,820 shares of the pipeline company’s stock worth $401,000 after buying an additional 4,328 shares during the period. JPMorgan Chase & Co. increased its holdings in Plains GP by 17.7% in the 1st quarter. JPMorgan Chase & Co. now owns 694,183 shares of the pipeline company’s stock worth $8,018,000 after buying an additional 104,402 shares during the period. Raymond James & Associates increased its holdings in Plains GP by 25.3% in the 1st quarter. Raymond James & Associates now owns 122,270 shares of the pipeline company’s stock worth $1,412,000 after buying an additional 24,705 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Plains GP by 2.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 144,458 shares of the pipeline company’s stock worth $1,668,000 after buying an additional 3,414 shares during the period. Finally, American Century Companies Inc. increased its holdings in Plains GP by 278.0% in the 1st quarter. American Century Companies Inc. now owns 56,806 shares of the pipeline company’s stock worth $656,000 after buying an additional 41,777 shares during the period. 84.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Plains GP

In related news, CEO Willie Cw Chiang purchased 62,000 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were purchased at an average price of $16.24 per share, with a total value of $1,006,880.00. Following the purchase, the chief executive officer now owns 318,704 shares of the company’s stock, valued at $5,175,752.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.77% of the stock is owned by corporate insiders.

Plains GP Price Performance

Plains GP stock opened at $15.75 on Friday. The company’s fifty day moving average price is $15.90 and its 200 day moving average price is $15.13. Plains GP Holdings, L.P. has a 1 year low of $11.79 and a 1 year high of $16.70. The stock has a market capitalization of $3.09 billion, a P/E ratio of 16.07 and a beta of 1.59. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.95.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be paid a $0.2675 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $1.07 dividend on an annualized basis and a yield of 6.79%. Plains GP’s dividend payout ratio is currently 109.18%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Monday, November 6th. Raymond James raised their price objective on shares of Plains GP from $17.00 to $18.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 21st. The Goldman Sachs Group began coverage on shares of Plains GP in a research note on Thursday, October 5th. They set a “sell” rating and a $13.50 price objective on the stock. Barclays cut shares of Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 price objective on the stock. in a research note on Monday, September 25th. Finally, Truist Financial raised their price objective on shares of Plains GP from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.22.

About Plains GP

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.