BROOKFIELD Corp ON Sells 43,830 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• BROOKFIELD Corp ON reduced its stake in Plains GP Holdings by 64.2% in Q1, owning 24,414 shares valued at $521,000.
• Multiple institutional investors increased their stakes in Plains GP, with Catalyst Capital Advisors raising theirs by 18% to own 885,873 shares worth approximately $18.9 million.
• Plains GP recently declared a quarterly dividend of $0.38 per share, resulting in an annual yield of 8.2%, despite a high dividend payout ratio of 220.29%.

BROOKFIELD Corp ON cut its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 64.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,414 shares of the pipeline company's stock after selling 43,830 shares during the quarter. BROOKFIELD Corp ON's holdings in Plains GP were worth $521,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PAGP. Northern Trust Corp increased its stake in shares of Plains GP by 27.2% in the 4th quarter. Northern Trust Corp now owns 80,964 shares of the pipeline company's stock valued at $1,488,000 after acquiring an additional 17,333 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Plains GP by 1.4% in the 4th quarter. Cetera Investment Advisers now owns 181,299 shares of the pipeline company's stock valued at $3,332,000 after acquiring an additional 2,549 shares during the last quarter. Snowden Capital Advisors LLC bought a new stake in shares of Plains GP in the 4th quarter valued at about $300,000. Two Sigma Advisers LP increased its stake in Plains GP by 0.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company's stock worth $73,610,000 after purchasing an additional 19,900 shares in the last quarter. Finally, Vident Advisory LLC bought a new stake in Plains GP during the 4th quarter worth approximately $1,751,000. 88.30% of the stock is owned by institutional investors.

Plains GP Stock Performance

Plains GP stock traded down $0.18 during mid-day trading on Wednesday, hitting $18.50. 364,354 shares of the company's stock traded hands, compared to its average volume of 1,640,074. The firm has a 50 day simple moving average of $19.19 and a two-hundred day simple moving average of $19.21. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 34.90 and a beta of 0.76. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 8.2%. Plains GP's dividend payout ratio (DPR) is presently 220.29%.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research reports. Mizuho increased their target price on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Morgan Stanley lowered their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Zacks Research cut Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their target price on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Plains GP has an average rating of "Hold" and a consensus target price of $20.50.

Plains GP Company 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.