Plains GP Holdings, L.P. $PAGP Shares Sold by Voleon Capital Management LP

Key Points

• Voleon Capital Management LP sold 119,848 shares of Plains GP Holdings, L.P., reducing its ownership by 29.7% to approximately 283,767 shares valued at $6.06 million.
• Other institutional investors, including Invesco Ltd. and Hsbc Holdings PLC, increased their stakes in Plains GP during the same quarter.
• Plains GP recently announced a quarterly dividend of $0.38, resulting in an annualized yield of 8.3%, although the company's dividend payout ratio stands at a high 220.29%.

Voleon Capital Management LP trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 29.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 283,767 shares of the pipeline company's stock after selling 119,848 shares during the period. Voleon Capital Management LP owned 0.14% of Plains GP worth $6,061,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PAGP. Invesco Ltd. raised its position in shares of Plains GP by 42.9% in the first quarter. Invesco Ltd. now owns 4,190,610 shares of the pipeline company's stock valued at $89,511,000 after buying an additional 1,258,315 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Plains GP by 25.8% in the first quarter. Hsbc Holdings PLC now owns 2,563,031 shares of the pipeline company's stock valued at $54,746,000 after buying an additional 526,215 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Plains GP in the first quarter valued at about $10,322,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Plains GP by 17.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,559,937 shares of the pipeline company's stock valued at $54,680,000 after buying an additional 389,096 shares during the last quarter. Finally, Gilman Hill Asset Management LLC acquired a new stake in shares of Plains GP in the first quarter valued at about $6,044,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Stock Up 0.3%

Plains GP stock traded up $0.06 during trading on Thursday, reaching $18.64. The stock had a trading volume of 1,242,470 shares, compared to its average volume of 1,656,426. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The business has a 50 day moving average price of $19.24 and a 200 day moving average price of $19.28. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.69 billion, a PE ratio of 35.17 and a beta of 0.76.

Plains GP Announces Dividend

The company also recently declared 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 was Thursday, July 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.2%. Plains GP's payout ratio is currently 220.29%.

Analyst Ratings Changes

A number of equities analysts have commented on PAGP shares. Wall Street Zen raised shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Mizuho lifted 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. JPMorgan Chase & Co. lifted 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. Wolfe Research reaffirmed a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Finally, Morgan Stanley reduced their target price on shares of Plains GP from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $20.50.

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.