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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in shares of 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 in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Plains GP in the first quarter valued at $135,000. GAMMA Investing LLC grew its holdings 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 valued at $178,000 after purchasing an additional 7,997 shares in the last quarter. McIlrath & Eck LLC purchased a new position in shares of Plains GP in the fourth quarter valued at $166,000. Finally, Baker Avenue Asset Management LP purchased a new position in shares of Plains GP in the first quarter valued at $203,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PAGP. Mizuho raised their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. JPMorgan Chase & Co. lifted their price objective 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. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Citigroup lowered 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. 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 research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Plains GP currently has a consensus rating of "Hold" and a consensus target price of $20.88.

Plains GP Stock Up 0.3%

NYSE:PAGP traded up $0.05 during mid-day trading on Friday, reaching $18.96. The company's stock had a trading volume of 1,214,409 shares, compared to its average volume of 1,688,592. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $22.31. The stock has a fifty day moving average of $19.39 and a 200-day moving average of $19.49. The firm has a market capitalization of $3.75 billion, a PE ratio of 35.77 and a beta of 0.70. 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 Announces Dividend

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

About Plains GP

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.