Plains GP Holdings, L.P. (NYSE:PAGP) Holdings Reduced by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 9.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,953,000 shares of the pipeline company’s stock after selling 420,000 shares during the quarter. Plains GP makes up approximately 4.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 7th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 2.00% of Plains GP worth $72,656,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hara Capital LLC bought a new position in Plains GP during the third quarter valued at approximately $57,000. Eastern Bank purchased a new position in shares of Plains GP in the third quarter valued at $76,000. Continuum Advisory LLC increased its position in Plains GP by 10.0% in the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after purchasing an additional 637 shares during the last quarter. Insigneo Advisory Services LLC purchased a new stake in Plains GP during the third quarter valued at $188,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in Plains GP during the third quarter valued at $200,000. Institutional investors own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PAGP shares. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Friday, January 10th. Barclays increased their price target on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Finally, StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.22.

Plains GP Stock Down 0.5 %

NYSE:PAGP opened at $21.76 on Friday. The stock has a fifty day simple moving average of $19.38 and a 200-day simple moving average of $18.95. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 25.71 and a beta of 1.58. Plains GP Holdings, L.P. has a twelve month low of $15.78 and a twelve month high of $22.31.

Plains GP (NYSE:PAGP) last released its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.21). The company had revenue of $12.74 billion during the quarter, compared to analysts’ expectations of $13.17 billion. Plains GP had a net margin of 0.33% and a return on equity of 1.12%. During the same period last year, the firm earned $0.15 earnings per share. Analysts anticipate that Plains GP Holdings, L.P. will post 0.83 EPS for the current year.

Plains GP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.38 per share. The ex-dividend date is Friday, January 31st. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 dividend on an annualized basis and a yield of 6.99%. Plains GP’s payout ratio is 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.