Corient Private Wealth LP trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 34.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 158,666 shares of the pipeline company's stock after selling 81,937 shares during the quarter. Corient Private Wealth LP owned about 0.08% of Plains GP worth $3,851,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in Plains GP by 3.0% during the 2nd quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company's stock worth $93,818,000 after acquiring an additional 112,893 shares during the last quarter. Bluefin Capital Management LLC bought a new position in shares of Plains GP in the second quarter worth about $252,000. First Bancorp Inc ME bought a new position in shares of Plains GP in the second quarter worth about $30,000. Pinnacle Holdings LLC acquired a new position in shares of Plains GP during the second quarter worth approximately $3,927,000. Finally, Diesslin Group Inc. lifted its position in shares of Plains GP by 0.8% during the second quarter. Diesslin Group Inc. now owns 82,841 shares of the pipeline company's stock worth $2,011,000 after purchasing an additional 664 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.
Plains GP Stock Performance
Plains GP stock opened at $28.22 on Tuesday. The company has a market cap of $5.58 billion, a PE ratio of 53.25 and a beta of 0.46. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $28.33. The company's 50-day moving average is $25.62 and its two-hundred day moving average is $24.34.
Plains GP Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 5.9%. The ex-dividend date was Friday, July 31st. Plains GP's dividend payout ratio is currently 59.86%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on PAGP shares. Truist Financial increased their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Morgan Stanley boosted their price objective on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Citigroup upped 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. US Capital Advisors lowered Plains GP from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Finally, Wells Fargo & Company lifted their target price on Plains GP from $22.00 to $23.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Plains GP presently has an average rating of "Hold" and an average price target of $23.55.
Get Our Latest Analysis on Plains GP
Plains GP Company Profile
(
Free Report)
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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