Tortoise Capital Advisors L.L.C. Sells 658,322 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Tortoise Capital Advisors L.L.C. reduced its stake in Plains GP Holdings, L.P. by 5.3%, selling 658,322 shares, and now holds approximately 11.85 million shares.
• Analysts have mixed ratings on Plains GP, with a consensus rating of "Hold" and an average price target of $20.88.
• Plains GP recently announced a quarterly dividend of $0.38, representing an annual yield of 8.0%, but the company’s payout ratio stands at 220.29%.

Tortoise Capital Advisors L.L.C. cut its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 5.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,854,683 shares of the pipeline company's stock after selling 658,322 shares during the period. Plains GP accounts for about 3.1% of Tortoise Capital Advisors L.L.C.'s investment portfolio, making the stock its 13th biggest position. Tortoise Capital Advisors L.L.C. owned 5.99% of Plains GP worth $253,216,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted 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 buying an additional 4,195 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Plains GP in the first quarter worth about $135,000. McIlrath & Eck LLC bought a new position in shares of Plains GP in the fourth quarter worth about $166,000. GAMMA Investing LLC raised its stake in shares of Plains GP by 2,252.7% in the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock worth $178,000 after acquiring an additional 7,997 shares during the last quarter. Finally, Baker Avenue Asset Management LP bought a new position in shares of Plains GP in the first quarter worth about $203,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Trading Up 1.8%

NYSE PAGP traded up $0.34 during trading on Wednesday, reaching $19.05. 382,277 shares of the stock traded hands, compared to its average volume of 1,676,522. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 35.93 and a beta of 0.70. The stock's 50-day moving average price is $19.39 and its 200 day moving average price is $19.47. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.0%. Plains GP's payout ratio is currently 220.29%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PAGP shares. Citigroup dropped their target price on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Plains GP from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Mizuho boosted their target price on shares of Plains GP from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $20.50.

Plains GP 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.