Voleon Capital Management LP Sells 119,848 Shares of Plains GP Holdings, L.P. $PAGP

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 decreased its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 29.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 283,767 shares of the pipeline company's stock after selling 119,848 shares during the quarter. Voleon Capital Management LP owned 0.14% of Plains GP worth $6,061,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in shares of Plains GP by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,220,898 shares of the pipeline company's stock valued at $111,518,000 after purchasing an additional 29,911 shares during the period. Palo Duro Investment Partners LP raised its stake in shares of Plains GP by 14.2% in the 1st quarter. Palo Duro Investment Partners LP now owns 12,936 shares of the pipeline company's stock valued at $276,000 after purchasing an additional 1,608 shares during the period. NewEdge Advisors LLC raised its stake in shares of Plains GP by 1.9% in the 1st quarter. NewEdge Advisors LLC now owns 79,444 shares of the pipeline company's stock valued at $1,697,000 after purchasing an additional 1,444 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Plains GP by 17.9% in the 1st 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 purchasing an additional 389,096 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Plains GP by 6.1% in the 1st quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company's stock valued at $10,003,000 after purchasing an additional 26,952 shares during the period. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Performance

Plains GP stock traded up $0.06 during midday trading on Friday, reaching $18.70. 1,562,666 shares of the company's stock were exchanged, compared to its average volume of 1,655,887. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 35.28 and a beta of 0.76. The stock's 50-day simple moving average is $19.22 and its 200 day simple moving average is $19.25.

Plains GP Dividend Announcement

The firm also recently declared 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 8.1%. Plains GP's dividend payout ratio (DPR) is presently 220.29%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price target on Plains GP from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley decreased their price objective on Plains GP from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a report on Friday, July 25th. Wall Street Zen upgraded Plains GP from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Mizuho raised their price objective on Plains GP from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. One equities 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus 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.