Allianz Asset Management GmbH Has $4.11 Million Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Allianz Asset Management GmbH decreased its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 43.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 192,496 shares of the pipeline company's stock after selling 149,204 shares during the quarter. Allianz Asset Management GmbH owned 0.10% of Plains GP worth $4,112,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Private Wealth Services LLC acquired a new position in shares of Plains GP in the 1st quarter valued at about $584,000. Formidable Asset Management LLC acquired a new position in Plains GP in the 1st quarter worth about $458,000. Private Advisor Group LLC increased its position in Plains GP by 38.4% in the 1st quarter. Private Advisor Group LLC now owns 57,133 shares of the pipeline company's stock worth $1,220,000 after purchasing an additional 15,840 shares during the last quarter. Jennison Associates LLC increased its position in Plains GP by 12.9% in the 1st quarter. Jennison Associates LLC now owns 1,556,848 shares of the pipeline company's stock worth $33,254,000 after purchasing an additional 178,370 shares during the last quarter. Finally, Dakota Wealth Management acquired a new position in Plains GP in the 1st quarter worth about $862,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $19.59 on Tuesday. 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 business's 50 day moving average is $19.03 and its two-hundred day moving average is $19.79. The company has a market cap of $3.87 billion, a P/E ratio of 36.96 and a beta of 0.65. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $22.31.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 7.76%. The ex-dividend date of this dividend is Thursday, July 31st. Plains GP's dividend payout ratio is 205.41%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PAGP shares. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barclays decreased their price target on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a research note on Thursday, April 10th. Mizuho upped their price target on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Citigroup decreased their price target on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Plains GP currently has an average rating of "Hold" and an average target price of $20.88.

Plains GP 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.

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