Jennison Associates LLC Has $52.80 Million Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Jennison Associates LLC decreased its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 33.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,310,525 shares of the pipeline company's stock after selling 1,647,881 shares during the quarter. Jennison Associates LLC owned 1.69% of Plains GP worth $52,803,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PAGP. Spire Wealth Management grew its position in Plains GP by 63.2% in the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company's stock valued at $41,000 after acquiring an additional 983 shares in the last quarter. Rational Advisors LLC acquired a new stake in shares of Plains GP during the third quarter worth approximately $43,000. Allworth Financial LP acquired a new stake in shares of Plains GP during the third quarter worth approximately $48,000. Allspring Global Investments Holdings LLC grew its position in shares of Plains GP by 95.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company's stock worth $56,000 after buying an additional 1,697 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Plains GP during the third quarter worth approximately $63,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Plains GP Stock Performance

PAGP stock traded up $0.15 during mid-day trading on Wednesday, reaching $19.01. The company had a trading volume of 1,736,697 shares, compared to its average volume of 2,230,082. Plains GP Holdings, L.P. has a one year low of $12.59 and a one year high of $19.77. The stock's 50-day simple moving average is $17.92 and its two-hundred day simple moving average is $16.68. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $3.75 billion, a P/E ratio of 18.64 and a beta of 1.55.

Plains GP (NYSE:PAGP - Get Free Report) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.06). The business had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. Research analysts anticipate that Plains GP Holdings, L.P. will post 1.04 EPS for the current year.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a $0.3175 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $1.27 annualized dividend and a dividend yield of 6.68%. Plains GP's dividend payout ratio (DPR) is presently 124.51%.

Wall Street Analyst Weigh In

PAGP has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Plains GP from $14.50 to $16.00 and gave the stock a "sell" rating in a research report on Friday, April 12th. UBS Group raised their price target on shares of Plains GP from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, April 12th. Scotiabank started coverage on shares of Plains GP in a research report on Monday, April 8th. They set a "sector outperform" rating and a $23.00 price target for the company. Citigroup raised their price objective on Plains GP from $16.50 to $17.50 and gave the stock a "neutral" rating in a research note on Friday, March 1st. Finally, StockNews.com upgraded Plains GP from a "hold" rating to a "buy" rating in a research note on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.55.

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.