Plains GP Holdings, L.P. $PAGP Shares Sold by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington trimmed its stake: The firm cut its holding in Plains GP by 35.7% in Q4, selling 77,419 shares and leaving 139,344 shares (about $2.67M); institutional investors now own roughly 88.3% of the company.
• Generous dividend but high payout ratio: Plains GP paid a quarterly dividend of $0.4175 ($1.67 annualized) for a 6.8% yield, but the payout ratio is an elevated 129.46%, raising sustainability concerns.
• Analyst sentiment and valuation: The consensus rating is "Hold" with a $21.60 price target, while the stock trades near its 12-month high (opened $24.46, high $24.76), has a market cap of ~$4.84B and a P/E of 46.15.

Fort Washington Investment Advisors Inc. OH trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 35.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,344 shares of the pipeline company's stock after selling 77,419 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned approximately 0.07% of Plains GP worth $2,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. increased its holdings in Plains GP by 56.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company's stock worth $32,000 after acquiring an additional 645 shares in the last quarter. Larson Financial Group LLC purchased a new position in Plains GP during the third quarter valued at $46,000. Lazard Asset Management LLC lifted its holdings in Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company's stock valued at $58,000 after purchasing an additional 811 shares in the last quarter. Asset Dedication LLC acquired a new stake in shares of Plains GP in the second quarter valued at about $83,000. Finally, CWM LLC grew its position in shares of Plains GP by 159.3% in the third quarter. CWM LLC now owns 7,477 shares of the pipeline company's stock valued at $136,000 after purchasing an additional 4,594 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Stock Performance

PAGP opened at $24.46 on Friday. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $24.76. The firm has a market capitalization of $4.84 billion, a PE ratio of 46.15 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm's 50-day moving average price is $22.14 and its 200 day moving average price is $19.68.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Friday, January 30th. Plains GP's payout ratio is currently 129.46%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PAGP shares. Citigroup raised their price target on shares of Plains GP from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Tuesday, February 10th. Morgan Stanley increased their target price on Plains GP from $22.00 to $24.00 and gave the company an "equal weight" rating in a report on Wednesday, March 18th. Truist Financial initiated coverage on Plains GP in a research report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 target price on the stock. Barclays lifted their price target on Plains GP from $17.00 to $18.00 and gave the stock an "underweight" rating in a research note on Monday, February 9th. Finally, Zacks Research cut Plains GP from a "hold" rating to a "strong sell" rating in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $21.60.

Plains GP Company Profile

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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