Plato Investment Management Ltd Lowers Stake in Plains GP Holdings, L.P. $PAGP

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 stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 57.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,203 shares of the pipeline company's stock after selling 20,609 shares during the period. Plato Investment Management Ltd's holdings in Plains GP were worth $328,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its holdings in 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 buying an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Plains GP during the first quarter worth $135,000. McIlrath & Eck LLC purchased a new stake in Plains GP during the fourth quarter worth $166,000. GAMMA Investing LLC lifted its holdings in Plains GP by 2,252.7% during the first 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 period. Finally, State of Wyoming lifted its holdings 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. Hedge funds and other institutional investors own 88.30% of the company's stock.

Plains GP Price Performance

Shares of PAGP opened at $18.64 on Friday. The firm has a market capitalization of $3.69 billion, a PE ratio of 35.17 and a beta of 0.76. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. Plains GP Holdings, L.P. has a 1-year low of $16.60 and a 1-year high of $22.31. The company's fifty day moving average price is $19.24 and its 200-day moving average price is $19.28.

Plains GP Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PAGP shares. Mizuho upped their price target on Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Wall Street Zen raised Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. upped their price target on Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Morgan Stanley reduced their price target on Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 26th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Plains GP currently has an average rating of "Hold" and a consensus price target of $20.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.