Twin City Private Wealth LLC has increased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 7.0% during the second quarter of 2023, according to the firm’s latest Form 13F filing with the Securities and Exchange Commission. The institutional investor now owns 27,227 shares of the pipeline company’s stock, having acquired an additional 1,788 shares during the reporting period. The value of Twin City Private Wealth’s investment in Plains GP is approximately $529,000 as of the recent filing.
Several other large investors have also made notable changes to their positions in Plains GP. Catalyst Capital Advisors LLC increased its stake by 18.0% in the first quarter, now holding 885,873 shares valued at $18.92 million after adding 134,943 shares. Similarly, Cetera Investment Advisers raised its position by 7.4%, bringing its total to 194,723 shares valued at $4.16 million following an acquisition of 13,424 shares.
Envestnet Asset Management Inc. also enhanced its stake in Plains GP by 15.8%, now owning 329,813 shares worth $7.05 million after acquiring an additional 44,948 shares. XTX Topco Ltd made a significant move, increasing its holdings by 55.5% to 52,948 shares, valued at $1.13 million. Finally, BNP Paribas Financial Markets raised its position by 17.9%, now owning 1,580,488 shares valued at $33.76 million. Currently, institutional investors and hedge funds own approximately 88.30% of Plains GP’s stock.
Analysts Adjust Price Targets
Recent assessments from equities analysts have influenced perceptions of Plains GP’s stock. Morgan Stanley has reduced its price target from $22.00 to $20.00, assigning an “equal weight” rating. Similarly, JPMorgan Chase & Co. decreased its target from $21.00 to $20.00, with a “neutral” rating.
Raymond James Financial also adjusted its expectations, lowering the target price from $24.00 to $22.00 while maintaining a “strong-buy” rating. Wolfe Research reiterated a “peer perform” rating on the stock, while Barclays cut its target from $18.00 to $17.00, labeling it “underweight.” Overall, Plains GP currently holds a consensus rating of “Hold” with an average target price of $20.13 according to MarketBeat.
Current Trading Status
As of the opening on Friday, October 6, shares of Plains GP Holdings traded down 2.6% at $17.27. The stock has experienced a one-year low of $16.60 and a high of $22.31. Financial metrics reflect a debt-to-equity ratio of 0.49, a current ratio of 1.01, and a quick ratio of 0.92. The company has a market capitalization of approximately $3.42 billion and a price-to-earnings (P/E) ratio of 32.59, with a beta of 0.68.
Plains GP has also announced a quarterly dividend, set to be paid on November 14, 2023. Shareholders of record on October 31, 2023 will receive a dividend of $0.38 per share, representing an annualized dividend of $1.52 and a yield of 8.8%. The company’s payout ratio currently stands at 220.29%.
Plains GP Holdings, L.P., through its subsidiary Plains All American Pipeline, L.P., operates midstream infrastructure systems across the United States and Canada, focusing on the gathering and transportation of crude oil and natural gas liquids (NGLs).
