Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC trimmed its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 218,809 shares of the pipeline company’s stock after selling 16,522 shares during the period. Exchange Traded Concepts LLC owned 0.11% of Plains GP worth $4,022,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PAGP. Chickasaw Capital Management LLC boosted its position in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock worth $151,047,000 after acquiring an additional 1,629,008 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Plains GP by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after purchasing an additional 53,000 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Plains GP by 10.5% during the 2nd quarter. Mackenzie Financial Corp now owns 1,804,713 shares of the pipeline company’s stock valued at $33,965,000 after buying an additional 171,217 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Plains GP by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company’s stock worth $24,309,000 after buying an additional 103,353 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC purchased a new position in shares of Plains GP in the 3rd quarter worth $13,848,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

PAGP has been the subject of several research analyst reports. Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Barclays boosted their price objective on shares of Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. Wolfe Research raised shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Friday, January 10th. Finally, StockNews.com upgraded shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two research 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.22.

Plains GP Stock Performance

Shares of PAGP stock opened at $21.76 on Friday. The company’s fifty day moving average price is $19.45 and its two-hundred day moving average price is $18.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market capitalization of $4.30 billion, a P/E ratio of 25.60 and a beta of 1.58. Plains GP Holdings, L.P. has a 12 month low of $15.78 and a 12 month high of $22.31.

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

Plains GP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 6.99%. Plains GP’s dividend payout ratio is currently 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.