Fox Run Management L.L.C. Decreases Stake in Plains GP Holdings, L.P. $PAGP

Key Points

• Fox Run Management L.L.C. reduced its stake in Plains GP Holdings by 40.9% in the first quarter, selling 16,415 shares and leaving its total holdings at 23,699 shares, valued at approximately $506,000.
• Multiple institutional investors have increased their holdings in Plains GP, with Golden State Wealth Management raising its position by 233.1% during the same quarter.
• Plains GP recently announced a quarterly dividend of $0.38 per share, resulting in an annualized yield of 8.1%, despite a high dividend payout ratio of 220.29%.

Fox Run Management L.L.C. cut its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 40.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,699 shares of the pipeline company's stock after selling 16,415 shares during the period. Fox Run Management L.L.C.'s holdings in Plains GP were worth $506,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Russell Investments Group Ltd. boosted its stake in shares of Plains GP by 105.9% during the first quarter. Russell Investments Group Ltd. now owns 152,504 shares of the pipeline company's stock valued at $3,257,000 after purchasing an additional 78,447 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Plains GP by 4.0% during the first quarter. HighTower Advisors LLC now owns 402,691 shares of the pipeline company's stock valued at $8,601,000 after purchasing an additional 15,322 shares in the last quarter. Eagle Global Advisors LLC boosted its stake in shares of Plains GP by 14.4% during the first quarter. Eagle Global Advisors LLC now owns 1,353,145 shares of the pipeline company's stock valued at $28,903,000 after purchasing an additional 169,828 shares in the last quarter. Linscomb Wealth Inc. boosted its stake in shares of Plains GP by 2.8% during the first quarter. Linscomb Wealth Inc. now owns 350,967 shares of the pipeline company's stock valued at $7,497,000 after purchasing an additional 9,635 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Plains GP during the first quarter valued at approximately $1,861,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PAGP shares. Citigroup dropped their price objective on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Wolfe Research reiterated a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their target price on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Mizuho raised their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $20.88.

Plains GP Stock Up 0.3%

PAGP traded up $0.05 during trading on Friday, hitting $18.96. The stock had a trading volume of 1,214,409 shares, compared to its average volume of 1,688,592. The company has a market capitalization of $3.75 billion, a PE ratio of 35.77 and a beta of 0.70. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a 50 day simple moving average of $19.39 and a two-hundred day simple moving average of $19.50.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.0%. Plains GP's dividend payout ratio (DPR) is currently 220.29%.

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.