Victory Capital Management Inc. Sells 15,860 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Victory Capital Management Inc. reduced its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 2.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 675,750 shares of the pipeline company's stock after selling 15,860 shares during the quarter. Victory Capital Management Inc. owned about 0.34% of Plains GP worth $14,434,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Dakota Wealth Management bought a new stake in shares of Plains GP during the first quarter valued at approximately $862,000. Turtle Creek Wealth Advisors LLC bought a new position in Plains GP in the first quarter valued at approximately $10,322,000. Oxbow Advisors LLC boosted its stake in Plains GP by 1.8% in the first quarter. Oxbow Advisors LLC now owns 326,589 shares of the pipeline company's stock valued at $6,976,000 after acquiring an additional 5,731 shares during the last quarter. Stephens Inc. AR boosted its stake in Plains GP by 7.3% in the first quarter. Stephens Inc. AR now owns 222,831 shares of the pipeline company's stock valued at $4,760,000 after acquiring an additional 15,153 shares during the last quarter. Finally, Kesler Norman & Wride LLC boosted its stake in Plains GP by 9.0% in the first quarter. Kesler Norman & Wride LLC now owns 48,264 shares of the pipeline company's stock valued at $1,031,000 after acquiring an additional 4,004 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PAGP shares. Barclays reduced their price objective on shares of Plains GP from $19.00 to $18.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Citigroup reduced their price objective on shares of Plains GP from $21.00 to $18.00 and set a "neutral" rating on the stock 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. JPMorgan Chase & Co. raised their price objective on shares of Plains GP from $19.00 to $20.00 and gave the company a "neutral" 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 report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.88.

Plains GP Trading Down 1.3%

Shares of NYSE PAGP traded down $0.26 during midday trading on Friday, reaching $19.82. 1,042,062 shares of the stock were exchanged, compared to its average volume of 1,709,643. The business has a 50-day simple moving average of $19.01 and a two-hundred day simple moving average of $19.79. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 37.40 and a beta of 0.65. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $22.31. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 7.67%. Plains GP's dividend payout ratio is currently 205.41%.

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.