Jennison Associates LLC Sells 63,335 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Jennison Associates trimmed its stake in Plains GP by 5.3%, selling 63,335 shares and leaving a holding of 1,141,702 shares valued at about $21.85 million.
• Plains GP announced a quarterly dividend of $0.4175 (annualized $1.67) payable May 15 to holders of record May 1, implying a 7.0% yield but a high payout ratio of 129.46%.
• Shares opened at $23.82 and were trading down ~2.6%; the company has a $4.71 billion market cap and a 52-week range of $16.68–$24.75, with a Wall Street consensus rating of "Hold" and a $21.90 average price target amid mixed analyst views.

Jennison Associates LLC cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,141,702 shares of the pipeline company's stock after selling 63,335 shares during the quarter. Jennison Associates LLC owned 0.58% of Plains GP worth $21,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Cibc World Market Inc. lifted its position in Plains GP by 3.8% during the third quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company's stock valued at $296,000 after purchasing an additional 597 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Plains GP by 0.8% during the third quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company's stock valued at $1,384,000 after purchasing an additional 631 shares during the last quarter. CWM LLC lifted its position in Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company's stock valued at $155,000 after purchasing an additional 636 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Plains GP by 56.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 645 shares during the last quarter. Finally, Creative Planning lifted its position in Plains GP by 5.1% during the third quarter. Creative Planning now owns 15,192 shares of the pipeline company's stock valued at $277,000 after purchasing an additional 742 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Trading Down 2.6%

Shares of PAGP opened at $23.82 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $24.75. The firm has a 50 day moving average price of $23.41 and a 200-day moving average price of $20.58. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 44.94 and a beta of 0.50.

Plains GP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 7.0%. The ex-dividend date of this dividend is Friday, May 1st. Plains GP's payout ratio is presently 129.46%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PAGP shares. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Tuesday, February 10th. Bank of America lowered shares of Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 target price for the company. in a research report on Wednesday, January 28th. Zacks Research upgraded shares of Plains GP from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 21st. Wells Fargo & Company boosted their price objective on shares of Plains GP from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, March 13th. Finally, Truist Financial assumed coverage on shares of Plains GP in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Plains GP has an average rating of "Hold" and a consensus price target of $21.90.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.