Cbre Investment Management Listed Real Assets LLC Trims Stock Holdings in Plains GP Holdings, L.P. $PAGP

Key Points

• Cbre Investment Management Listed Real Assets LLC significantly reduced its stake in Plains GP Holdings, L.P. by 98.3%, selling 924,300 shares during the first quarter, leaving it with only 15,702 shares valued at $335,000.
• Other institutional investors such as Invesco Ltd. and Vanguard Group Inc. have increased their holdings in Plains GP, indicating strong interest from institutional investors as they own 88.30% of the company’s stock.
• Plains GP recently declared a quarterly dividend of $0.38, equating to an annual dividend yield of 8.0%, highlighting the company's attractiveness for income-focused investors despite a high dividend payout ratio.

Cbre Investment Management Listed Real Assets LLC lessened its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 98.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,702 shares of the pipeline company's stock after selling 924,300 shares during the quarter. Cbre Investment Management Listed Real Assets LLC's holdings in Plains GP were worth $335,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its holdings in Plains GP by 233.1% in the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after acquiring an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Plains GP in the 1st quarter worth $135,000. GAMMA Investing LLC increased its holdings in 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 in the last quarter. McIlrath & Eck LLC purchased a new stake in Plains GP in the 4th quarter worth $166,000. Finally, Baker Avenue Asset Management LP purchased a new stake in Plains GP in the 1st quarter worth $203,000. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Trading Up 1.6%

Shares of PAGP stock traded up $0.30 on Wednesday, hitting $19.01. 1,273,817 shares of the stock traded hands, compared to its average volume of 1,682,055. The firm's 50-day moving average price is $19.39 and its two-hundred day moving average price is $19.47. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $3.76 billion, a PE ratio of 35.87 and a beta of 0.70. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.0%. Plains GP's payout ratio is presently 220.29%.

Analysts Set New Price Targets

PAGP has been the subject of several recent analyst reports. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. lifted their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Citigroup lowered their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Finally, Morgan Stanley lowered their target price on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $20.50.

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.