Plains GP Holdings, L.P. $PAGP Shares Bought by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management (dba NXG) increased its Plains GP stake by 3.9% (buying 140,000 shares) to 3,725,000 shares, representing about 1.88% ownership of Plains GP worth $71.3 million and ~4.1% of Cushing's portfolio (its 8th largest position).
• Plains GP announced a quarterly dividend of $0.4175 per share (annualized $1.67) with an ex-dividend date of May 1, implying a 7.4% yield
• The stock trades near $22.69 with a market cap of $4.49B and a P/E of 42.8; analysts have a consensus rating of Hold and an average price target of $21.90.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 3.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,725,000 shares of the pipeline company's stock after purchasing an additional 140,000 shares during the period. Plains GP accounts for about 4.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 8th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 1.88% of Plains GP worth $71,296,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PAGP. Pathstone Holdings LLC boosted its stake in Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company's stock worth $37,490,000 after purchasing an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Plains GP in the 3rd quarter worth approximately $9,629,000. Bank of America Corp DE boosted its stake in Plains GP by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company's stock worth $31,924,000 after purchasing an additional 466,773 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company's stock worth $26,393,000 after purchasing an additional 456,426 shares in the last quarter. Finally, Callodine Capital Management LP boosted its stake in Plains GP by 125.0% in the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company's stock worth $9,850,000 after purchasing an additional 300,000 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $22.69 on Friday. 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 12 month low of $16.68 and a 12 month high of $24.75. The company has a 50 day simple moving average of $23.06 and a two-hundred day simple moving average of $20.22. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 42.81 and a beta of 0.50.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 7.4%. The ex-dividend date is Friday, May 1st. Plains GP's payout ratio is presently 129.46%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Zacks Research cut shares of Plains GP from a "hold" rating to a "strong sell" rating in a research note on Thursday, March 12th. Barclays lifted their target price on shares of Plains GP from $18.00 to $21.00 and gave the stock an "underweight" rating in a research note on Friday, April 10th. Wells Fargo & Company lifted their target price on shares of Plains GP from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th. Mizuho set a $23.00 target price on shares of Plains GP in a research note on Friday, January 23rd. Finally, Bank of America cut shares of Plains GP from a "neutral" rating to an "underperform" rating and set a $19.00 price objective for the company. in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $21.90.

About Plains GP

Plains GP Holdings, L.P. NYSE: PAGP serves as the general partner of Plains All American Pipeline, L.P., one of North America's leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company's primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.

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