CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $68.84 Million Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• CUSHING ASSET MANAGEMENT LP decreased its holdings in Plains GP Holdings by 12.1%, now owning 3,543,000 shares, which is 4.0% of its investment portfolio.
• Plains GP announced a quarterly dividend of $0.38, which contributes to an annualized dividend of $1.52 and a dividend yield of 8.3%.
• Analysts have a mixed outlook on Plains GP, with the average rating being a "Hold" and a consensus price target of $20.50, reflecting a recent downgrade from Zacks Research.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 12.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,543,000 shares of the pipeline company's stock after selling 490,000 shares during the quarter. Plains GP makes up 4.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 10th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 1.79% of Plains GP worth $68,840,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. raised its position in shares of Plains GP by 42.9% during 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 boosted its position in shares of Plains GP by 25.8% during the first quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company's stock worth $54,746,000 after acquiring an additional 526,215 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Plains GP in the 1st quarter valued at about $10,322,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 valued at $54,680,000 after purchasing an additional 389,096 shares during the period. Finally, Gilman Hill Asset Management LLC purchased a new position in Plains GP during the first quarter valued at approximately $6,044,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PAGP has been the topic of several research reports. Mizuho raised their price target 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. Zacks Research lowered shares of Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. decreased their target price on Plains GP from $21.00 to $20.00 and set a "neutral" rating for the company in a research note on Thursday. Wolfe Research reissued a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Finally, Morgan Stanley decreased their price target on Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 26th. One equities research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $20.50.

Plains GP Stock Down 0.9%

Plains GP stock traded down $0.16 during trading hours on Monday, hitting $18.12. The stock had a trading volume of 1,021,998 shares, compared to its average volume of 1,631,595. The stock has a market capitalization of $3.58 billion, a P/E ratio of 34.19 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock's 50-day moving average price is $19.09 and its 200-day moving average price is $19.14. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.4%. Plains GP's dividend payout ratio (DPR) is currently 220.29%.

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.