Miller Howard Investments Inc. NY Sells 258,737 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Miller Howard Investments Inc. NY decreased its position in Plains GP Holdings by 18.1%, owning 1,174,081 shares worth approximately $22.8 million after selling 258,737 shares in the second quarter.
• Several institutions, including Golden State Wealth Management LLC and GAMMA Investing LLC, significantly increased their stakes, signaling strong interest among institutional investors, who now hold 88.3% of the company's stock.
• Plains GP recently declared a quarterly dividend of $0.38 per share, representing an annualized dividend yield of 8.3%, though the company's payout ratio stands at a high 220.29%.

Miller Howard Investments Inc. NY cut its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 18.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,174,081 shares of the pipeline company's stock after selling 258,737 shares during the period. Miller Howard Investments Inc. NY owned about 0.59% of Plains GP worth $22,812,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PAGP. Invesco Ltd. lifted its stake in Plains GP by 42.9% in the 1st quarter. Invesco Ltd. now owns 4,190,610 shares of the pipeline company's stock valued at $89,511,000 after buying an additional 1,258,315 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Plains GP by 25.8% in the 1st quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company's stock valued at $54,746,000 after purchasing an additional 526,215 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Plains GP in the 1st quarter valued at $10,322,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Plains GP by 17.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,559,937 shares of the pipeline company's stock worth $54,680,000 after purchasing an additional 389,096 shares during the last quarter. Finally, Gilman Hill Asset Management LLC acquired a new stake in shares of Plains GP in the first quarter valued at approximately $6,044,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Trading Up 1.5%

Shares of PAGP stock traded up $0.28 during mid-day trading on Tuesday, hitting $18.40. 228,940 shares of the company's stock were exchanged, compared to its average volume of 1,623,745. The stock has a 50-day simple moving average of $19.09 and a two-hundred day simple moving average of $19.14. 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 fifty-two week low of $16.60 and a fifty-two week high of $22.31. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 34.71 and a beta of 0.76.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.3%. The ex-dividend date was Thursday, July 31st. Plains GP's payout ratio is currently 220.29%.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of Plains GP from $21.00 to $20.00 and set a "neutral" rating for the company in a research note on Thursday, September 18th. Zacks Research downgraded shares of Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Morgan Stanley cut their target price on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. Finally, Mizuho increased their price objective on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target 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.