Plains GP Holdings, L.P. $PAGP Shares Sold by Eagle Global Advisors LLC

Key Points

• Eagle Global Advisors LLC reduced its stake in Plains GP Holdings, L.P. by 16.9%, owning approximately 1,124,400 shares after selling 228,745 shares during the second quarter.
• Several research firms have downgraded their price targets for Plains GP, with Morgan Stanley and JPMorgan Chase & Co. setting their targets at $20.00.
• Plains GP announced a quarterly dividend of $0.38, translating to an annualized dividend yield of 8.1% and a payout ratio of 220.29%.

Eagle Global Advisors LLC reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 16.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,124,400 shares of the pipeline company's stock after selling 228,745 shares during the quarter. Plains GP comprises approximately 0.9% of Eagle Global Advisors LLC's portfolio, making the stock its 25th largest holding. Eagle Global Advisors LLC owned about 0.57% of Plains GP worth $21,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Golden State Wealth Management LLC grew its holdings in shares of Plains GP by 233.1% during the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after purchasing an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Plains GP in the 1st quarter valued at about $135,000. GAMMA Investing LLC grew its stake in Plains GP by 2,252.7% during the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after buying an additional 7,997 shares during the last quarter. State of Wyoming increased its position in Plains GP by 192.3% during the first quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock worth $178,000 after buying an additional 5,468 shares during the period. Finally, Baker Avenue Asset Management LP acquired a new position in Plains GP during the first quarter worth approximately $203,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PAGP. Morgan Stanley decreased their price objective on 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 reiterated a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. Zacks Research downgraded shares of Plains GP from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. JPMorgan Chase & Co. dropped their price objective on shares of Plains GP from $21.00 to $20.00 and set a "neutral" rating on the stock in a research note on Thursday, September 18th. Finally, Mizuho upped their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.50.

Plains GP Stock Up 0.2%

Shares of NYSE:PAGP opened at $18.84 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. 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 firm's 50-day simple moving average is $19.01 and its 200-day simple moving average is $19.10. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 35.55 and a beta of 0.76.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date of this dividend was Thursday, July 31st. Plains GP's payout ratio is currently 220.29%.

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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