Linscomb Wealth Inc. Buys 239,168 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Linscomb Wealth Inc. boosted its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1,036.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 262,241 shares of the pipeline company’s stock after purchasing an additional 239,168 shares during the period. Linscomb Wealth Inc. owned 0.13% of Plains GP worth $4,935,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Tortoise Capital Advisors L.L.C. raised its position in shares of Plains GP by 6.4% in 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 during the period. Chickasaw Capital Management LLC boosted its position in shares of Plains GP by 3.6% during the 2nd quarter. Chickasaw Capital Management LLC now owns 6,615,106 shares of the pipeline company’s stock worth $124,496,000 after acquiring an additional 232,644 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in Plains GP by 13.7% in the first quarter. Westwood Holdings Group Inc. now owns 5,280,460 shares of the pipeline company’s stock valued at $96,368,000 after acquiring an additional 634,929 shares during the last quarter. UBS Group AG raised its position in Plains GP by 14.7% during the fourth quarter. UBS Group AG now owns 2,889,579 shares of the pipeline company’s stock valued at $46,089,000 after purchasing an additional 370,857 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Plains GP by 2.1% during the fourth quarter. Allianz Asset Management GmbH now owns 1,979,700 shares of the pipeline company’s stock worth $31,576,000 after purchasing an additional 40,200 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PAGP has been the topic of a number of recent analyst reports. Morgan Stanley lifted their target price on Plains GP from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.11.

Plains GP Stock Performance

NYSE:PAGP opened at $18.34 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.90 and a current ratio of 1.00. Plains GP Holdings, L.P. has a fifty-two week low of $14.71 and a fifty-two week high of $20.10. The company has a 50 day simple moving average of $19.04 and a two-hundred day simple moving average of $18.46. The company has a market capitalization of $3.62 billion, a PE ratio of 20.84 and a beta of 1.53.

Plains GP (NYSE:PAGP) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.11). The firm had revenue of $12.93 billion for the quarter, compared to analyst estimates of $13.70 billion. Plains GP had a return on equity of 1.09% and a net margin of 0.33%. During the same quarter last year, the company earned $0.25 earnings per share. Research analysts anticipate that Plains GP Holdings, L.P. will post 1.24 earnings per share for the current year.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were given a dividend of $0.3175 per share. The ex-dividend date was Wednesday, July 31st. This represents a $1.27 annualized dividend and a dividend yield of 6.92%. Plains GP’s payout ratio is 144.32%.

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.