Plains GP Holdings, L.P. $PAGP Shares Sold by Plato Investment Management Ltd

Key Points

• Plato Investment Management Ltd significantly reduced its stake in Plains GP Holdings by 57.5%, now holding 15,203 shares valued at approximately $328,000.
• A range of hedge funds have increased their investments in Plains GP, with Golden State Wealth Management increasing their holdings by 233.1% in the first quarter.
• Plains GP recently announced a quarterly dividend of $0.38 per share, translating to an annualized dividend yield of 8.2%.

Plato Investment Management Ltd lowered its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 57.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,203 shares of the pipeline company's stock after selling 20,609 shares during the quarter. Plato Investment Management Ltd's holdings in Plains GP were worth $328,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PAGP. Golden State Wealth Management LLC raised its position in Plains GP by 233.1% in the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock valued at $128,000 after purchasing an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Plains GP in the first quarter valued at $135,000. McIlrath & Eck LLC purchased a new stake in Plains GP in the fourth quarter valued at $166,000. GAMMA Investing LLC raised its position in Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after purchasing an additional 7,997 shares during the period. Finally, State of Wyoming raised its position in Plains GP by 192.3% in the first quarter. State of Wyoming now owns 8,311 shares of the pipeline company's stock valued at $178,000 after purchasing an additional 5,468 shares during the period. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PAGP shares. Mizuho lifted their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Wednesday, June 18th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Morgan Stanley dropped their price objective on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. JPMorgan Chase & Co. lifted their price objective on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, Zacks Research cut Plains GP from a "strong-buy" rating to a "hold" rating in a research note on Monday. One 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.50.

Plains GP Stock Down 1.1%

PAGP traded down $0.21 on Wednesday, hitting $18.47. 224,879 shares of the company were exchanged, compared to its average volume of 1,639,100. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The company has a market cap of $3.65 billion, a price-to-earnings ratio of 34.84 and a beta of 0.76. 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 has a 50-day moving average price of $19.19 and a two-hundred day moving average price of $19.21.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.2%. The ex-dividend date of this dividend was Thursday, July 31st. Plains GP's dividend payout ratio is currently 220.29%.

Plains GP Company Profile

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.