Plains GP Holdings, L.P. $PAGP Stock Sold by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management reduced its Plains GP Holdings position by 0.9%, selling 73,970 shares and retaining 8.56 million shares valued at approximately $221.6 million.
• Institutional investors own 88.3% of PAGP, while analyst opinions are mixed; the stock has an average “Hold” rating and a consensus price target of $24.91.
• Plains GP declared a quarterly dividend of $0.4175 per share, representing an annualized payout of $1.67 and a 6.4% yield.

Chickasaw Capital Management LLC lessened its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,556,202 shares of the pipeline company's stock after selling 73,970 shares during the period. Plains GP makes up about 7.9% of Chickasaw Capital Management LLC's holdings, making the stock its 6th biggest position. Chickasaw Capital Management LLC owned 4.32% of Plains GP worth $221,606,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Venture Visionary Partners LLC bought a new stake in Plains GP during the third quarter valued at $223,000. RVW Wealth LLC purchased a new stake in shares of Plains GP in the 3rd quarter valued at about $2,590,000. Envestnet Asset Management Inc. raised its holdings in shares of Plains GP by 2.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 393,048 shares of the pipeline company's stock valued at $9,539,000 after acquiring an additional 8,968 shares in the last quarter. State Street Corp boosted its position in shares of Plains GP by 7.5% during the 2nd quarter. State Street Corp now owns 692,771 shares of the pipeline company's stock valued at $16,814,000 after acquiring an additional 48,614 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in shares of Plains GP by 156.5% during the 2nd quarter. Tidal Investments LLC now owns 49,043 shares of the pipeline company's stock valued at $1,190,000 after acquiring an additional 29,925 shares during the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective 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. Mizuho lifted their target price on shares of Plains GP from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Monday, September 21st. Truist Financial boosted their price target on shares of Plains GP from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Morgan Stanley increased their price target on shares of Plains GP from $26.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 18th. Finally, Barclays raised their price objective on shares of Plains GP from $23.00 to $24.00 and gave the company an "underweight" rating in a research report on Monday, September 21st. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $24.91.

Plains GP Stock Performance

Shares of NYSE PAGP opened at $26.21 on Thursday. The stock's 50-day moving average is $26.79 and its 200 day moving average is $25.20. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 49.45 and a beta of 0.54. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $28.70. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

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 paid a $0.4175 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 annualized dividend and a yield of 6.4%. Plains GP's payout ratio is currently 59.86%.

Plains GP Company 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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