Hsbc Holdings PLC Sells 57,655 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• HSBC Holdings PLC trimmed its stake in Plains GP Holdings by 2.1% in the first quarter, selling 57,655 shares and leaving it with 2.71 million shares valued at about $65.7 million.
• Plains GP reported a quarterly dividend of $0.4175 per share, payable August 14 to shareholders of record on July 31, implying a 6.5% annualized yield.
• Analyst sentiment remains mixed: the stock has a consensus rating of Hold with an average price target of $23.36, even as individual firms recently raised or cut their targets and ratings.

Hsbc Holdings PLC reduced its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,707,192 shares of the pipeline company's stock after selling 57,655 shares during the quarter. Hsbc Holdings PLC owned 1.37% of Plains GP worth $65,736,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Meritage Portfolio Management raised its holdings in shares of Plains GP by 36.5% in the fourth quarter. Meritage Portfolio Management now owns 314,420 shares of the pipeline company's stock worth $6,018,000 after buying an additional 84,042 shares during the period. CWA Asset Management Group LLC boosted its holdings in Plains GP by 19.3% during the 4th quarter. CWA Asset Management Group LLC now owns 156,306 shares of the pipeline company's stock valued at $2,992,000 after acquiring an additional 25,321 shares during the period. Evergreen Capital Management LLC boosted its holdings in Plains GP by 14.4% during the 4th quarter. Evergreen Capital Management LLC now owns 835,817 shares of the pipeline company's stock valued at $15,998,000 after acquiring an additional 105,448 shares during the period. Miller Howard Investments Inc. NY grew its position in Plains GP by 25.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company's stock valued at $34,514,000 after acquiring an additional 291,397 shares during the last quarter. Finally, HF Advisory Group LLC grew its position in Plains GP by 37.9% in the 4th quarter. HF Advisory Group LLC now owns 266,276 shares of the pipeline company's stock valued at $5,097,000 after acquiring an additional 73,248 shares during the last quarter. Institutional investors own 88.30% of the company's stock.

Plains GP Stock Performance

NYSE PAGP opened at $25.61 on Monday. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $26.15. 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 company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 48.32 and a beta of 0.45. The company's 50-day simple moving average is $24.48 and its two-hundred day simple moving average is $23.01.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.5%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP's dividend payout ratio (DPR) is presently 172.16%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PAGP. Wells Fargo & Company lifted their target price on Plains GP from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 12th. Zacks Research cut shares of Plains GP from a "hold" rating to a "strong sell" rating in a report on Monday, June 22nd. Mizuho raised their price target on shares of Plains GP from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. US Capital Advisors lowered shares of Plains GP from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Finally, Citigroup boosted their price objective on shares of Plains GP from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $23.36.

Plains GP Profile

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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