Chickasaw Capital Management LLC Sells 46,570 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Chickasaw Capital Management LLC lowered its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,171,460 shares of the pipeline company's stock after selling 46,570 shares during the quarter. Plains GP comprises about 6.7% of Chickasaw Capital Management LLC's holdings, making the stock its 9th biggest holding. Chickasaw Capital Management LLC owned approximately 4.13% of Plains GP worth $174,542,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PAGP. Founders Capital Management purchased a new stake in Plains GP in the 1st quarter valued at about $1,418,000. IVC Wealth Advisors LLC purchased a new stake in shares of Plains GP in the 1st quarter valued at approximately $214,000. GAMMA Investing LLC lifted its holdings in shares of Plains GP by 2,252.7% in the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after acquiring an additional 7,997 shares during the last quarter. Aegis Wealth Management LLC acquired a new position in shares of Plains GP in the 4th quarter worth approximately $310,000. Finally, McIlrath & Eck LLC purchased a new position in shares of Plains GP during the 4th quarter worth approximately $166,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAGP has been the topic of several 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. Morgan Stanley increased their target price on shares of Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 25th. Mizuho dropped their price target on shares of Plains GP from $21.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, May 20th. Citigroup cut their price objective on Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Finally, Barclays decreased their target price on Plains GP from $19.00 to $18.00 and set an "underweight" rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.71.

Plains GP Stock Up 1.2%

Shares of Plains GP stock traded up $0.22 during trading hours on Thursday, hitting $18.26. The company had a trading volume of 913,156 shares, compared to its average volume of 1,540,034. The company's 50-day moving average is $18.47 and its two-hundred day moving average is $19.67. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The company has a market cap of $3.61 billion, a P/E ratio of 34.45 and a beta of 0.68.

Plains GP Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 8.32%. Plains GP's dividend payout ratio is presently 205.41%.

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.