Plains GP Holdings, L.P. $PAGP Shares Purchased by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management LLC increased its stake in Plains GP Holdings by 2.0%, now owning approximately 8.34 million shares, which constitutes about 6.4% of its investment portfolio.
• Plains GP recently announced a quarterly dividend of $0.38, resulting in an annual yield of 8.1%, although its payout ratio is notably high at 220.29%.
• Analysts have mixed ratings on Plains GP, with a consensus rating of "Hold" and a price target averaging $20.50.

Chickasaw Capital Management LLC lifted its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,338,521 shares of the pipeline company's stock after buying an additional 167,061 shares during the period. Plains GP comprises 6.4% of Chickasaw Capital Management LLC's holdings, making the stock its 9th largest holding. Chickasaw Capital Management LLC owned approximately 4.22% of Plains GP worth $162,017,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted its position in Plains GP by 233.1% in the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after buying an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Plains GP during the first quarter valued at approximately $135,000. State of Wyoming lifted its position in Plains GP by 192.3% during the first quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock valued at $178,000 after acquiring an additional 5,468 shares during the last quarter. GAMMA Investing LLC lifted its position in Plains GP by 2,252.7% during the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after acquiring an additional 7,997 shares during the last quarter. Finally, McIlrath & Eck LLC purchased a new position in shares of Plains GP in the fourth quarter worth $166,000. 88.30% of the stock is currently owned by institutional investors.

Plains GP Trading Down 1.6%

NYSE:PAGP traded down $0.29 on Friday, reaching $18.28. The stock had a trading volume of 969,814 shares, compared to its average volume of 1,634,893. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 34.49 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. The firm's fifty day moving average is $19.12 and its two-hundred day moving average is $19.16. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.3%. Plains GP's dividend payout ratio (DPR) is currently 220.29%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PAGP shares. Mizuho increased their price objective on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Morgan Stanley decreased their price target on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Zacks Research downgraded shares of Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Plains GP from $21.00 to $20.00 and set a "neutral" rating on the stock in a research note on Thursday. 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 assigned a Sell rating to the company. Based on data from MarketBeat, Plains GP currently has an average rating of "Hold" and an average 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.