Kayne Anderson Capital Advisors LP Cuts Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Kayne Anderson Capital Advisors LP lowered its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 28.7% during the third quarter, HoldingsChannel.com reports. The firm owned 1,690,659 shares of the pipeline company’s stock after selling 681,194 shares during the period. Plains GP makes up approximately 0.8% of Kayne Anderson Capital Advisors LP’s holdings, making the stock its 21st largest holding. Kayne Anderson Capital Advisors LP’s holdings in Plains GP were worth $31,277,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. ORG Partners LLC purchased a new position in Plains GP in the 2nd quarter valued at $44,000. CWM LLC raised its position in shares of Plains GP by 61.0% in the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock valued at $57,000 after buying an additional 1,147 shares during the last quarter. Hara Capital LLC purchased a new position in shares of Plains GP in the third quarter worth about $57,000. Unique Wealth Strategies LLC purchased a new position in shares of Plains GP in the second quarter worth about $70,000. Finally, Eastern Bank acquired a new position in Plains GP during the third quarter worth about $76,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PAGP. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered 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 note on Friday, November 8th. Finally, Wolfe Research raised shares of Plains GP to a “hold” rating in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Plains GP has an average rating of “Hold” and an average target price of $19.88.

Plains GP Stock Up 0.1 %

Shares of NYSE PAGP opened at $18.23 on Monday. Plains GP Holdings, L.P. has a 52-week low of $14.93 and a 52-week high of $20.10. The business’s 50 day moving average is $18.43 and its two-hundred day moving average is $18.56. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 21.45 and a beta of 1.54. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a dividend of $0.3175 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.27 annualized dividend and a dividend yield of 6.97%. Plains GP’s dividend payout ratio is presently 149.41%.

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.