Cresset Asset Management LLC Boosts Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Cresset Asset Management LLC lifted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 62.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,858 shares of the pipeline company’s stock after purchasing an additional 45,034 shares during the period. Cresset Asset Management LLC owned about 0.06% of Plains GP worth $2,148,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Tortoise Capital Advisors L.L.C. raised its holdings in shares of Plains GP by 8.0% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company’s stock valued at $229,989,000 after acquiring an additional 927,855 shares during the last quarter. Algert Global LLC raised its stake in Plains GP by 781.8% in the 4th quarter. Algert Global LLC now owns 772,966 shares of the pipeline company’s stock valued at $14,207,000 after purchasing an additional 685,307 shares during the last quarter. Clearbridge Investments LLC boosted its stake in Plains GP by 11.7% during the 4th quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company’s stock worth $113,077,000 after purchasing an additional 646,130 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Plains GP by 31.0% during the fourth quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company’s stock worth $37,436,000 after buying an additional 482,213 shares in the last quarter. Finally, Voleon Capital Management LP acquired a new stake in shares of Plains GP in the fourth quarter valued at about $7,418,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

NYSE PAGP opened at $17.73 on Friday. The stock has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $19.66. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.51 billion, a PE ratio of 33.45 and a beta of 0.68. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.57%. The ex-dividend date is Thursday, May 1st. Plains GP’s dividend payout ratio is presently 286.79%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PAGP. StockNews.com cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Barclays reduced their price objective on Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. Morgan Stanley upped their target price on Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, March 25th. Raymond James lifted their price target on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $21.40.

Plains GP Company Profile

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.