Morningstar Investment Services LLC Has $691,000 Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Morningstar Investment Services LLC cut its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 57.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,347 shares of the pipeline company's stock after selling 42,830 shares during the period. Morningstar Investment Services LLC's holdings in Plains GP were worth $691,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PAGP. Tortoise Capital Advisors L.L.C. grew its position in Plains GP by 8.0% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company's stock worth $229,989,000 after acquiring an additional 927,855 shares in the last quarter. Algert Global LLC grew its stake in shares of Plains GP by 781.8% in the fourth quarter. Algert Global LLC now owns 772,966 shares of the pipeline company's stock valued at $14,207,000 after acquiring an additional 685,307 shares in the last quarter. Clearbridge Investments LLC lifted its position in Plains GP by 11.7% during the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company's stock worth $113,077,000 after purchasing an additional 646,130 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Plains GP in the first quarter worth about $10,322,000. Finally, Hsbc Holdings PLC raised its holdings in Plains GP by 31.0% in the 4th quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company's stock valued at $37,436,000 after buying an additional 482,213 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Performance

Shares of NYSE:PAGP traded down $0.33 during mid-day trading on Monday, reaching $19.68. The company had a trading volume of 1,649,502 shares, compared to its average volume of 1,610,685. The company's 50-day moving average price is $18.88 and its 200-day moving average price is $19.77. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 37.13 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a one year low of $16.61 and a one year high of $22.31.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 7.72%. The ex-dividend date of this dividend is Thursday, July 31st. Plains GP's payout ratio is 205.41%.

Wall Street Analysts Forecast Growth

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

Plains GP 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.