Cetera Investment Advisers Has $4.32 Million Position in Plains GP Holdings, L.P. $PAGP

Key Points

• Cetera Investment Advisers cut its Plains GP Holdings stake by 26.9% in the first quarter, selling 65,296 shares and retaining 177,888 shares valued at approximately $4.32 million. Institutional investors collectively own 88.3% of the company.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $23.36. Recent target changes ranged from $23 to $27, while Plains GP shares opened at $25.45 and were down 2.1%.
• Plains GP announced a quarterly dividend of $0.4175 per share, equivalent to $1.67 annually and a 6.6% yield. The dividend’s payout ratio is currently high at 172.16%.

Cetera Investment Advisers reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 26.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 177,888 shares of the pipeline company's stock after selling 65,296 shares during the quarter. Cetera Investment Advisers owned 0.09% of Plains GP worth $4,319,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. CWM LLC increased its holdings in Plains GP by 8.5% in the 4th quarter. CWM LLC now owns 8,113 shares of the pipeline company's stock valued at $155,000 after buying an additional 636 shares during the period. IVC Wealth Advisors LLC boosted its position in shares of Plains GP by 4.7% during the 1st quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company's stock worth $391,000 after acquiring an additional 722 shares in the last quarter. Creative Planning increased its stake in Plains GP by 5.1% in the third quarter. Creative Planning now owns 15,192 shares of the pipeline company's stock valued at $277,000 after acquiring an additional 742 shares during the last quarter. Lazard Asset Management LLC increased its stake in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock valued at $58,000 after acquiring an additional 811 shares during the last quarter. Finally, ProVise Management Group LLC boosted its holdings in shares of Plains GP by 0.6% in the 4th quarter. ProVise Management Group LLC now owns 141,282 shares of the pipeline company's stock valued at $2,704,000 after purchasing an additional 830 shares in the last quarter. Institutional investors own 88.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Citigroup boosted their price target on Plains GP from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Mizuho boosted their target price on Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. The Goldman Sachs Group upgraded shares of Plains GP from a "sell" rating to a "neutral" rating and raised their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Barclays lifted their price target on shares of Plains GP from $21.00 to $23.00 and gave the company an "underweight" rating in a report on Thursday, July 16th. Finally, US Capital Advisors cut shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $23.36.

Plains GP Trading Down 2.1%

Shares of NYSE PAGP opened at $25.45 on Wednesday. The firm has a 50 day moving average price of $24.83 and a two-hundred day moving average price of $23.57. The stock has a market cap of $5.04 billion, a P/E ratio of 48.02 and a beta of 0.45. Plains GP Holdings, L.P. has a 52-week low of $16.68 and a 52-week high of $26.77. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.6%. Plains GP's payout ratio is presently 172.16%.

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.

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