Cutter & CO Brokerage Inc. Trims Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Cutter & CO Brokerage Inc. lessened its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 96,145 shares of the pipeline company’s stock after selling 2,279 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Plains GP were worth $1,779,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PAGP. Wealth Enhancement Advisory Services LLC purchased a new stake in Plains GP in the first quarter valued at approximately $697,000. Hexagon Capital Partners LLC raised its position in Plains GP by 35.9% in the first quarter. Hexagon Capital Partners LLC now owns 3,791 shares of the pipeline company’s stock valued at $69,000 after purchasing an additional 1,001 shares during the period. Allspring Global Investments Holdings LLC raised its position in Plains GP by 3,286.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 22,350 shares of the pipeline company’s stock valued at $408,000 after purchasing an additional 21,690 shares during the period. FORVIS Wealth Advisors LLC purchased a new stake in Plains GP in the first quarter valued at approximately $530,000. Finally, Maryland State Retirement & Pension System raised its position in Plains GP by 1.6% in the first quarter. Maryland State Retirement & Pension System now owns 167,817 shares of the pipeline company’s stock valued at $3,032,000 after purchasing an additional 2,603 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of PAGP traded down $0.12 during mid-day trading on Tuesday, hitting $17.60. 24,806 shares of the company’s stock were exchanged, compared to its average volume of 1,729,495. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $3.47 billion, a P/E ratio of 21.35 and a beta of 1.53. Plains GP Holdings, L.P. has a fifty-two week low of $14.93 and a fifty-two week high of $20.10. The business’s 50 day moving average is $18.69 and its two-hundred day moving average is $18.62.

Plains GP (NYSE:PAGP) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.11). The firm had revenue of $12.93 billion during the quarter, compared to analyst estimates of $13.70 billion. Plains GP had a net margin of 0.33% and a return on equity of 1.09%. During the same quarter in the previous year, the business earned $0.25 EPS. On average, equities analysts expect that Plains GP Holdings, L.P. will post 1.19 earnings per share for the current year.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.3175 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a dividend yield of 7.22%. Plains GP’s payout ratio is 153.01%.

Analysts Set New Price Targets

PAGP has been the topic of several analyst reports. Wolfe Research upgraded Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Morgan Stanley lowered Plains GP from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $22.00 to $19.00 in a report on Friday. Finally, StockNews.com lowered Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Plains GP has an average rating of “Hold” and a consensus target price of $20.00.

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.