Platform Technology Partners Reduces Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Platform Technology Partners cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,808 shares of the pipeline company’s stock after selling 1,059 shares during the period. Platform Technology Partners’ holdings in Plains GP were worth $200,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Entropy Technologies LP increased its position in shares of Plains GP by 29.9% during the 3rd quarter. Entropy Technologies LP now owns 48,052 shares of the pipeline company’s stock valued at $889,000 after purchasing an additional 11,073 shares during the last quarter. Oxbow Advisors LLC increased its holdings in Plains GP by 0.8% during the third quarter. Oxbow Advisors LLC now owns 667,892 shares of the pipeline company’s stock valued at $12,356,000 after buying an additional 5,519 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Plains GP in the third quarter worth approximately $3,144,000. Hara Capital LLC purchased a new position in shares of Plains GP during the 3rd quarter worth $57,000. Finally, HF Advisory Group LLC grew its position in shares of Plains GP by 2.8% during the 3rd quarter. HF Advisory Group LLC now owns 105,367 shares of the pipeline company’s stock valued at $1,949,000 after acquiring an additional 2,906 shares during the period. 88.30% of the stock is owned by institutional investors.

Plains GP Trading Down 2.3 %

Plains GP stock opened at $17.90 on Wednesday. Plains GP Holdings, L.P. has a 1 year low of $14.93 and a 1 year high of $20.10. The firm’s 50 day moving average price is $18.48 and its 200-day moving average price is $18.57. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.90. The stock has a market cap of $3.53 billion, a P/E ratio of 21.55 and a beta of 1.54.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.3175 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.27 annualized dividend and a dividend yield of 7.09%. Plains GP’s dividend payout ratio (DPR) is 149.41%.

Analyst Ratings Changes

A number of equities analysts recently commented on PAGP shares. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Wolfe Research raised shares of Plains GP to a “hold” rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.88.

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.