CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Raises Position in Plains GP Holdings, L.P. (NYSE:PAGP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,033,000 shares of the pipeline company's stock after buying an additional 80,000 shares during the period. Plains GP comprises about 5.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 6th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 2.04% of Plains GP worth $86,145,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Tortoise Capital Advisors L.L.C. increased its holdings in Plains GP by 8.0% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock worth $229,989,000 after acquiring an additional 927,855 shares in the last quarter. Clearbridge Investments LLC increased its position in Plains GP by 11.7% during the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after purchasing an additional 646,130 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of Plains GP by 0.5% during the 4th quarter. Two Sigma Advisers LP now owns 4,004,900 shares of the pipeline company's stock valued at $73,610,000 after buying an additional 19,900 shares during the period. Vanguard Group Inc. lifted its holdings in Plains GP by 10.0% in the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company's stock valued at $58,213,000 after acquiring an additional 288,430 shares during the last quarter. Finally, Invesco Ltd. raised its position in Plains GP by 0.9% in the fourth quarter. Invesco Ltd. now owns 2,932,295 shares of the pipeline company's stock valued at $53,896,000 after purchasing an additional 27,148 shares during the period. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Trading Down 1.7%

NYSE:PAGP traded down $0.33 during mid-day trading on Tuesday, reaching $19.10. The company's stock had a trading volume of 1,825,372 shares, compared to its average volume of 1,603,265. 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 stock has a market cap of $3.78 billion, a P/E ratio of 36.04 and a beta of 0.63. The company's fifty day simple moving average is $18.55 and its two-hundred day simple moving average is $19.65. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 7.96%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP's dividend payout ratio (DPR) is 205.41%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Barclays reduced their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a report on Thursday, April 10th. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Morgan Stanley increased their price objective on shares of Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 25th. Citigroup cut their target price on Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Finally, Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $20.88.

Plains GP 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.