Westwood Holdings Group Inc. Cuts Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Plains GP Holdings by 3.3%, selling 124,474 shares and retaining approximately 3.68 million shares worth $78.6 million.
• Multiple institutional investors, including Annis Gardner Whiting Capital Advisors LLC and Bayforest Capital Ltd, have made significant changes to their positions in Plains GP, reflecting active interest in the stock.
• Plains GP recently announced a quarterly dividend of $0.38 per share, which equates to an annual yield of 7.9%, despite a high dividend payout ratio of 205.41%.

Westwood Holdings Group Inc. cut its stake in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,680,111 shares of the pipeline company's stock after selling 124,474 shares during the quarter. Westwood Holdings Group Inc. owned approximately 1.86% of Plains GP worth $78,607,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PAGP. Golden State Wealth Management LLC increased its position in Plains GP by 233.1% during the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company's stock worth $128,000 after acquiring an additional 4,195 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in Plains GP in the 1st quarter valued at about $135,000. McIlrath & Eck LLC bought a new position in Plains GP in the 4th quarter valued at about $166,000. GAMMA Investing LLC increased its holdings in Plains GP by 2,252.7% in the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company's stock valued at $178,000 after buying an additional 7,997 shares during the period. Finally, Baker Avenue Asset Management LP bought a new position in Plains GP in the 1st quarter valued at about $203,000. 88.30% of the stock is owned by institutional investors.

Plains GP Trading Up 0.5%

Plains GP stock traded up $0.10 during mid-day trading on Wednesday, hitting $19.29. 2,459,420 shares of the stock were exchanged, compared to its average volume of 1,715,774. 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 12 month low of $16.60 and a 12 month high of $22.31. The firm's fifty day simple moving average is $19.23 and its two-hundred day simple moving average is $19.74. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 36.40 and a beta of 0.70.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date is Thursday, July 31st. Plains GP's payout ratio is 205.41%.

Analyst Ratings Changes

Several equities analysts have commented on PAGP shares. 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. Wall Street Zen upgraded shares of Plains GP from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Barclays reduced their price target 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. Wolfe Research restated a "peer perform" rating on shares of Plains GP in a research note on Friday, July 25th. Finally, Citigroup reduced their price target 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $20.88.

Plains GP Company 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.