Algert Global LLC Buys 49,320 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Algert Global LLC grew its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 128.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,659 shares of the pipeline company’s stock after purchasing an additional 49,320 shares during the quarter. Algert Global LLC’s holdings in Plains GP were worth $1,622,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Thompson Siegel & Walmsley LLC bought a new position in Plains GP during the 3rd quarter valued at $13,848,000. Tortoise Capital Advisors L.L.C. lifted its position in shares of Plains GP by 6.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock valued at $219,572,000 after purchasing an additional 703,158 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Plains GP during the second quarter valued at about $11,442,000. SIR Capital Management L.P. bought a new stake in Plains GP in the 2nd quarter worth about $8,849,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Plains GP in the 2nd quarter worth about $5,734,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wolfe Research upgraded Plains GP to a “hold” rating in a research note on Wednesday, September 18th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Morgan Stanley lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Plains GP has a consensus rating of “Hold” and an average price target of $19.88.

Plains GP Trading Up 2.0 %

Shares of PAGP opened at $19.47 on Thursday. Plains GP Holdings, L.P. has a twelve month low of $14.93 and a twelve month high of $20.10. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.84 billion, a PE ratio of 22.91 and a beta of 1.54. The business’s 50-day moving average price is $18.48 and its 200-day moving average price is $18.59.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.3175 per share. This represents a $1.27 annualized dividend and a yield of 6.52%. The ex-dividend date of this dividend was Thursday, October 31st. Plains GP’s payout ratio is 149.41%.

About Plains GP

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