BROOKFIELD Corp ON Sells 211,216 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Brookfield Corp ON cut its Plains GP Holdings stake by 9.6%, selling 211,216 shares and retaining 1,987,158 shares valued at approximately $48.2 million, or about 1% of the company.
• Plains GP shares opened at $26.45, near their 52-week high of $26.65. Institutional investors own 88.3% of the stock.
• The company declared a quarterly dividend of $0.4175 per share, equivalent to $1.67 annually and a 6.3% yield. Analysts’ consensus rating is “Hold,” with an average price target of $23.36.

BROOKFIELD Corp ON reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 9.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,987,158 shares of the pipeline company's stock after selling 211,216 shares during the quarter. BROOKFIELD Corp ON owned approximately 1.00% of Plains GP worth $48,248,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Energy Income Partners LLC boosted its stake in shares of Plains GP by 1.0% during the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company's stock valued at $185,987,000 after purchasing an additional 102,916 shares in the last quarter. Invesco Ltd. raised its stake in Plains GP by 1.5% in the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company's stock worth $80,006,000 after buying an additional 66,695 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Plains GP by 3.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company's stock worth $71,296,000 after buying an additional 140,000 shares in the last quarter. UBS Group AG lifted its holdings in Plains GP by 1.7% in the fourth quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company's stock worth $65,225,000 after buying an additional 58,003 shares during the period. Finally, Advisors Capital Management LLC lifted its holdings in Plains GP by 6.1% in the fourth quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company's stock worth $54,165,000 after buying an additional 163,094 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

NYSE:PAGP opened at $26.45 on Monday. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.65. 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's 50-day simple moving average is $24.72 and its 200 day simple moving average is $23.25. The firm has a market capitalization of $5.23 billion, a P/E ratio of 49.91 and a beta of 0.45.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP's dividend payout ratio (DPR) is presently 172.16%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Truist Financial lifted their price objective on Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. The Goldman Sachs Group upgraded Plains GP from a "sell" rating to a "neutral" rating and raised their target price for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Morgan Stanley lifted their price target on Plains GP from $24.00 to $26.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. US Capital Advisors cut Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Finally, Citigroup increased their price objective on Plains GP from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $23.36.

Plains GP Company Profile

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.