Plains GP Holdings, L.P. $PAGP Shares Sold by Duff & Phelps Investment Management Co.

Key Points

• Duff & Phelps Investment Management cut its stake in Plains GP by 25.2%, selling 27,260 shares and now holding 80,859 shares valued at $1.57 million.
• Analysts have trimmed targets and remain cautious — the consensus rating is Hold with an average price target of $20.13 after downgrades from firms including Morgan Stanley and Barclays.
• Plains GP pays a quarterly dividend of $0.38 (annualized $1.52), yielding 8.6%, but carries a high payout ratio of 163.44%.

Duff & Phelps Investment Management Co. lowered its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 25.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 80,859 shares of the pipeline company's stock after selling 27,260 shares during the period. Duff & Phelps Investment Management Co.'s holdings in Plains GP were worth $1,571,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Kesler Norman & Wride LLC increased its holdings in Plains GP by 1.3% in the second quarter. Kesler Norman & Wride LLC now owns 48,882 shares of the pipeline company's stock valued at $950,000 after buying an additional 618 shares during the last quarter. Stephens Inc. AR grew its position in shares of Plains GP by 0.3% in the 2nd quarter. Stephens Inc. AR now owns 223,570 shares of the pipeline company's stock worth $4,344,000 after acquiring an additional 739 shares in the last quarter. Founders Capital Management grew its position in shares of Plains GP by 1.2% in the 2nd quarter. Founders Capital Management now owns 67,202 shares of the pipeline company's stock worth $1,306,000 after acquiring an additional 797 shares in the last quarter. Dakota Wealth Management increased its holdings in shares of Plains GP by 2.0% in the 2nd quarter. Dakota Wealth Management now owns 41,179 shares of the pipeline company's stock valued at $800,000 after acquiring an additional 820 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. raised its position in shares of Plains GP by 1.3% during the 1st quarter. Pin Oak Investment Advisors Inc. now owns 83,779 shares of the pipeline company's stock valued at $1,758,000 after acquiring an additional 1,035 shares in the last quarter. Institutional investors own 88.30% of the company's stock.

Analysts Set New Price Targets

PAGP has been the subject of a number of research reports. Morgan Stanley decreased their price objective on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Barclays dropped their price objective on shares of Plains GP from $18.00 to $17.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 7th. Zacks Research raised shares of Plains GP from a "strong sell" rating to a "hold" rating in a report on Monday, November 10th. Finally, JPMorgan Chase & Co. lowered their target price on Plains GP from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $20.13.

Plains GP Trading Down 0.6%

Shares of NYSE:PAGP opened at $17.76 on Tuesday. 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 company's 50-day moving average price is $17.83 and its 200 day moving average price is $18.54. The company has a market cap of $3.51 billion, a PE ratio of 33.51 and a beta of 0.70. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a dividend of $0.38 per share. The ex-dividend date was Friday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.6%. Plains GP's payout ratio is currently 163.44%.

About Plains GP

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.

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