Massachusetts Financial Services Co. MA Cuts Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Massachusetts Financial Services Co. MA lessened its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,870,594 shares of the pipeline company's stock after selling 77,837 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 4.99% of Plains GP worth $210,836,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAGP. Jones Financial Companies Lllp boosted its stake in Plains GP by 61.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company's stock worth $25,000 after purchasing an additional 520 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in 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 worth $44,000 after purchasing an additional 2,355 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in 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 worth $81,000 after purchasing an additional 4,000 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in Plains GP by 233.1% during the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in Plains GP during the 4th quarter worth $158,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Trading Up 0.9%

NYSE:PAGP traded up $0.19 on Thursday, reaching $19.76. 410,317 shares of the company's stock were exchanged, compared to its average volume of 1,597,769. The business has a fifty day moving average of $18.80 and a 200-day moving average of $19.73. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 52-week low of $16.61 and a 52-week high of $22.31. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 37.28 and a beta of 0.65.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.69%. Plains GP's payout ratio is 205.41%.

Analysts Set New Price Targets

PAGP has been the topic of several recent research reports. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Mizuho boosted their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Wednesday, June 18th. Morgan Stanley boosted their price target on shares of Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 25th. Barclays decreased their target price on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research report on Thursday, April 10th. Finally, Citigroup decreased their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Plains GP presently has an average rating of "Hold" and a consensus price target of $20.88.

Plains GP Company Profile

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.