Ameriprise Financial Inc. trimmed its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 11.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 213,906 shares of the pipeline company's stock after selling 28,481 shares during the quarter. Ameriprise Financial Inc. owned 0.11% of Plains GP worth $3,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in PAGP. Tortoise Capital Advisors L.L.C. raised its position in 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 in the last quarter. Clearbridge Investments LLC grew its holdings in Plains GP by 11.7% during the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock valued at $113,077,000 after purchasing an additional 646,130 shares during the last quarter. Vanguard Group Inc. grew its holdings in Plains GP by 10.0% during the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock valued at $58,213,000 after purchasing an additional 288,430 shares during the last quarter. Invesco Ltd. grew its holdings in Plains GP by 0.9% during the fourth quarter. Invesco Ltd. now owns 2,932,295 shares of the pipeline company's stock valued at $53,896,000 after purchasing an additional 27,148 shares during the last quarter. Finally, Advisors Capital Management LLC grew its holdings in Plains GP by 2.3% during the fourth quarter. Advisors Capital Management LLC now owns 2,403,410 shares of the pipeline company's stock valued at $44,175,000 after purchasing an additional 53,273 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the company. Mizuho lowered their price target on Plains GP from $21.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Morgan Stanley increased their price target on Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a report on Tuesday, March 25th. Barclays lowered their price target on Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a report on Thursday, April 10th. Citigroup lowered their price target on Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Finally, Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $20.71.
View Our Latest Research Report on PAGP
Plains GP Stock Performance
Shares of Plains GP stock traded down $0.03 during midday trading on Friday, hitting $17.63. The company had a trading volume of 1,743,887 shares, compared to its average volume of 1,532,863. The business's 50 day simple moving average is $18.68 and its two-hundred day simple moving average is $19.68. The stock has a market cap of $3.49 billion, a PE ratio of 33.26 and a beta of 0.68. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a 1-year low of $16.61 and a 1-year high of $22.31.
Plains GP Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a $0.38 dividend. The ex-dividend date was Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 8.62%. Plains GP's payout ratio is 205.41%.
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.
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