Kestra Advisory Services LLC Sells 17,485 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Kestra Advisory Services LLC has reduced its stake in Plains GP Holdings, L.P. by 15%, selling 17,485 shares, resulting in ownership of 99,107 shares valued at approximately $2.1 million.
• The company recently announced a quarterly dividend of $0.38, with an annualized dividend yield of 7.9%, while its payout ratio stands at 220.29%.
• Analyst ratings for the stock vary, with an average target price of $20.50, reflecting a mix of hold, buy, and sell ratings from different firms.

Kestra Advisory Services LLC decreased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 15.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,107 shares of the pipeline company's stock after selling 17,485 shares during the quarter. Kestra Advisory Services LLC owned about 0.05% of Plains GP worth $2,117,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PAGP. Golden State Wealth Management LLC raised its stake in shares of Plains GP by 233.1% in the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after acquiring an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Plains GP in the first quarter valued at $135,000. McIlrath & Eck LLC purchased a new stake in shares of Plains GP in the fourth quarter valued at $166,000. GAMMA Investing LLC raised its stake in shares of Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after acquiring an additional 7,997 shares during the period. Finally, Baker Avenue Asset Management LP purchased a new stake in shares of Plains GP in the first quarter valued at $203,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Trading Down 1.4%

Shares of NYSE PAGP traded down $0.28 during mid-day trading on Wednesday, reaching $18.74. The company had a trading volume of 1,166,134 shares, compared to its average volume of 1,671,128. The business's 50-day moving average is $19.35 and its 200-day moving average is $19.41. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 35.33 and a beta of 0.77. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 8.1%. The ex-dividend date was Thursday, July 31st. Plains GP's dividend payout ratio is presently 220.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PAGP shares. JPMorgan Chase & Co. increased 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. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Mizuho increased 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. Morgan Stanley cut their price target on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $20.50.

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.