Kayne Anderson Capital Advisors LP Sells 386,694 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Kayne Anderson sold 386,694 shares, cutting its position in Plains GP by 66.4% to 195,239 shares (about 0.10% of the company) valued at roughly $3.79 million at quarter-end.
• Plains GP recently paid a $0.38 quarterly dividend (annualized $1.52) for a 8.6% yield
• Analysts are mixed with a consensus rating of "Hold" and an average price target of $20.13; the stock trades around $17.76, within a 52-week range of $16.60–$22.31.

Kayne Anderson Capital Advisors LP decreased its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 66.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,239 shares of the pipeline company's stock after selling 386,694 shares during the quarter. Kayne Anderson Capital Advisors LP owned approximately 0.10% of Plains GP worth $3,793,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Huntington National Bank bought a new stake in Plains GP in the 2nd quarter worth about $31,000. Caitong International Asset Management Co. Ltd lifted its holdings in Plains GP by 378.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company's stock worth $39,000 after acquiring an additional 1,580 shares during the period. Ameritas Advisory Services LLC purchased a new position in Plains GP in the second quarter worth $51,000. CWM LLC grew its stake in Plains GP by 394.5% in the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company's stock valued at $56,000 after purchasing an additional 2,300 shares during the period. Finally, Allworth Financial LP increased its position in shares of Plains GP by 43.2% during the 2nd quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company's stock valued at $68,000 after purchasing an additional 1,051 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Raymond James Financial reduced their price target on shares of Plains GP from $24.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Friday, October 24th. Barclays lowered their price target on shares of Plains GP from $18.00 to $17.00 and set an "underweight" rating on the stock in a report on Tuesday, October 7th. Morgan Stanley decreased their target price on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 26th. Zacks Research raised Plains GP from a "strong sell" rating to a "hold" rating in a research report on Monday, November 10th. Finally, Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Plains GP currently has a consensus rating of "Hold" and an average price target of $20.13.

Plains GP Stock Performance

NYSE:PAGP opened at $17.76 on Tuesday. The business's fifty day moving average is $17.83 and its 200 day moving average is $18.54. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 33.51 and a beta of 0.70. 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 52-week low of $16.60 and a 52-week high of $22.31.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a $0.38 dividend. The ex-dividend date was Friday, October 31st. This represents a $1.52 annualized dividend and a yield of 8.6%. Plains GP's dividend payout ratio is currently 163.44%.

About Plains GP

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.

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