Mackenzie Financial Corp Cuts Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Mackenzie Financial Corp lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 865,025 shares of the pipeline company's stock after selling 184,845 shares during the quarter. Mackenzie Financial Corp owned about 0.44% of Plains GP worth $15,899,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Jones Financial Companies Lllp grew its holdings in shares of Plains GP by 61.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company's stock worth $25,000 after acquiring an additional 520 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Plains GP during the 4th quarter valued at about $33,000. Allworth Financial LP bought a new stake in shares of Plains GP during the 4th quarter valued at about $44,000. Farther Finance Advisors LLC increased its position in shares of Plains GP by 8,120.7% during the 4th quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company's stock valued at $44,000 after purchasing an additional 2,355 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC increased its position in shares of Plains GP by 1,000.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 4,400 shares of the pipeline company's stock valued at $81,000 after purchasing an additional 4,000 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Price Performance

Shares of NYSE PAGP traded down $0.03 during midday trading on Friday, reaching $17.63. The stock had a trading volume of 1,743,887 shares, compared to its average volume of 1,532,863. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 33.26 and a beta of 0.68. Plains GP Holdings, L.P. has a 12-month low of $16.61 and a 12-month high of $22.31. The stock has a 50-day moving average of $18.68 and a 200-day moving average of $19.68. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a $0.38 dividend. The ex-dividend date was Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.62%. Plains GP's payout ratio is 205.41%.

Analyst Ratings Changes

Several brokerages recently issued reports on PAGP. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barclays dropped their price target on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Citigroup reduced their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Morgan Stanley raised their target price on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 25th. Finally, Mizuho cut their price target on Plains GP from $21.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.71.

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.