BROOKFIELD Corp ON Has $521,000 Stake in 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 decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 64.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Catalyst Capital Advisors LLC raised its stake in Plains GP by 18.0% in the 1st quarter. Catalyst Capital Advisors LLC now owns 885,873 shares of the pipeline company's stock worth $18,922,000 after purchasing an additional 134,943 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Plains GP by 15.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 329,813 shares of the pipeline company's stock valued at $7,045,000 after buying an additional 44,948 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Plains GP by 7.4% in the 1st quarter. Cetera Investment Advisers now owns 194,723 shares of the pipeline company's stock valued at $4,159,000 after buying an additional 13,424 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Plains GP by 434.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 196,584 shares of the pipeline company's stock valued at $4,199,000 after buying an additional 159,795 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Plains GP by 70.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 110,504 shares of the pipeline company's stock valued at $2,360,000 after buying an additional 45,577 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Analyst Upgrades and Downgrades

PAGP has been the subject of several analyst reports. Morgan Stanley dropped their target price on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 26th. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Mizuho boosted their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $20.50.

Plains GP Price Performance

PAGP stock opened at $18.64 on Friday. The company has a 50 day simple moving average of $19.24 and a 200 day simple moving average of $19.28. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 35.17 and a beta of 0.76. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $22.31. 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 Announces Dividend

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

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.

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