Blackstone Inc. lessened its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 39.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,137,905 shares of the pipeline company's stock after selling 1,377,318 shares during the quarter. Blackstone Inc. owned about 1.08% of Plains GP worth $39,295,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Plains GP by 2.3% in the third quarter. Geode Capital Management LLC now owns 156,635 shares of the pipeline company's stock worth $2,898,000 after acquiring an additional 3,582 shares in the last quarter. Chickasaw Capital Management LLC raised its position in shares of Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock valued at $151,047,000 after purchasing an additional 1,629,008 shares in the last quarter. 180 Wealth Advisors LLC boosted its stake in shares of Plains GP by 16.7% during the 4th quarter. 180 Wealth Advisors LLC now owns 14,000 shares of the pipeline company's stock valued at $257,000 after buying an additional 2,000 shares during the last quarter. Fiduciary Financial Group LLC acquired a new stake in shares of Plains GP during the fourth quarter worth approximately $217,000. Finally, Central Valley Advisors LLC bought a new stake in shares of Plains GP in the fourth quarter worth $2,949,000. Institutional investors and hedge funds own 88.30% of the company's stock.
Plains GP Price Performance
Shares of PAGP opened at $17.24 on Tuesday. The company has 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 cap of $3.41 billion, a P/E ratio of 32.53 and a beta of 1.11. Plains GP Holdings, L.P. has a 12 month low of $16.61 and a 12 month high of $22.31. The stock has a fifty day moving average price of $19.84 and a 200 day moving average price of $19.69.
Plains GP Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $0.38 dividend. The ex-dividend date is Thursday, May 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.82%. Plains GP's dividend payout ratio (DPR) is presently 286.79%.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Barclays reduced their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Morgan Stanley lifted their price target on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 25th. Raymond James increased their target price on Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a report on Tuesday, January 28th. Wolfe Research upgraded Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Friday, January 10th. Finally, StockNews.com cut Plains GP from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $20.83.
Get Our Latest Stock Report on Plains GP
About Plains GP
(
Free Report)
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.
Further Reading
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