Cinctive Capital Management LP Trims Stake in Plains GP Holdings, L.P. $PAGP

Key Points

• Cinctive Capital Management LP has reduced its stake in Plains GP Holdings significantly, selling 846,568 shares, leading to an ownership of approximately 0.10% valued at $4.2 million.
• Institutional investors currently own 88.30% of Plains GP, with notable increases in stakes from companies like Golden State Wealth Management, GAMMA Investing, and State of Wyoming during the first quarter.
• The company recently announced a quarterly dividend of $0.38, resulting in an annualized yield of 8.1% and a dividend payout ratio of 220.29%.

Cinctive Capital Management LP cut its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 81.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 196,638 shares of the pipeline company's stock after selling 846,568 shares during the quarter. Cinctive Capital Management LP owned 0.10% of Plains GP worth $4,200,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its stake in Plains GP by 233.1% during the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Plains GP during the 1st quarter worth $135,000. McIlrath & Eck LLC acquired a new position in Plains GP during the 4th quarter worth $166,000. GAMMA Investing LLC grew its stake in Plains GP by 2,252.7% during the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after purchasing an additional 7,997 shares in the last quarter. Finally, State of Wyoming grew its stake in Plains GP by 192.3% during the 1st quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock worth $178,000 after purchasing an additional 5,468 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Stock Performance

Shares of Plains GP stock traded down $0.33 on Friday, hitting $18.42. The stock had a trading volume of 1,991,998 shares, compared to its average volume of 1,670,499. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 34.76 and a beta of 0.76. The company's 50 day moving average price is $19.31 and its 200 day moving average price is $19.35.

Plains GP Announces Dividend

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

Wall Street Analysts Forecast Growth

PAGP has been the subject of several analyst reports. 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. Mizuho boosted 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. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, Citigroup lowered their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $20.50.

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.