Plains GP Holdings, L.P. $PAGP Stock Position Trimmed by Turtle Creek Wealth Advisors LLC

Key Points

• Turtle Creek Wealth Advisors cut its Plains GP Holdings stake by 12.3% in the third quarter, selling 100,000 shares and retaining 710,338 shares valued at approximately $18.4 million.
• Plains GP shares rose 0.6% to $27.26, near their 52-week high, while institutional investors collectively owned 88.3% of the company.
• The company declared a quarterly dividend of $0.4175 per share, equivalent to an annualized $1.67 payout and a 6.1% yield. Analysts maintained an overall “Moderate Buy” rating, with an average price target of $25.33.

Turtle Creek Wealth Advisors LLC reduced its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 12.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 710,338 shares of the pipeline company's stock after selling 100,000 shares during the period. Plains GP accounts for approximately 0.9% of Turtle Creek Wealth Advisors LLC's investment portfolio, making the stock its 26th biggest position. Turtle Creek Wealth Advisors LLC owned approximately 0.36% of Plains GP worth $18,398,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First Bancorp Inc ME bought a new position in Plains GP in the 2nd quarter valued at about $30,000. North Star Investment Management Corp. acquired a new position in Plains GP in the 1st quarter valued at $56,000. Continuum Advisory LLC acquired a new stake in shares of Plains GP during the second quarter worth $61,000. Ameritas Advisory Services LLC acquired a new position in shares of Plains GP in the second quarter valued at about $64,000. Finally, O Domhnaill Enterprises Inc. acquired a new stake in Plains GP in the 1st quarter worth about $66,000. Institutional investors own 88.30% of the company's stock.

Plains GP Trading Up 0.6%

Shares of Plains GP stock traded up $0.15 on Thursday, hitting $27.26. The stock had a trading volume of 941,550 shares, compared to its average volume of 1,775,280. The stock has a 50 day moving average of $26.88 and a 200 day moving average of $25.30. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a twelve month low of $16.82 and a twelve month high of $28.70. The firm has a market capitalization of $5.40 billion, a P/E ratio of 51.46 and a beta of 0.54.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Friday, October 30th. Plains GP's dividend payout ratio (DPR) is presently 59.86%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PAGP shares. Citigroup lifted their price target on shares of Plains GP from $23.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, September 17th. UBS Group increased their price objective on shares of Plains GP from $26.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, October 9th. JPMorgan Chase & Co. increased their price target on shares of Plains GP from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Morgan Stanley raised their target price on Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. Finally, Mizuho boosted their target price on Plains GP from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $25.33.

Plains GP Profile

Plains GP Holdings, L.P. is a publicly traded holding company that owns interests in Plains All American Pipeline, L.P. Its business exposure is primarily derived from Plains All American, which operates energy infrastructure used to transport, store, gather and handle crude oil and natural gas liquids.

Through its ownership interests in Plains All American and its general partner structure, Plains GP Holdings provides investors with an indirect interest in the operations of one of North America's major midstream energy companies.

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