Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 19.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,569,016 shares of the pipeline company’s stock after selling 384,427 shares during the period. Mackenzie Financial Corp’s holdings in Plains GP were worth $25,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System grew its stake in Plains GP by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 55,354 shares of the pipeline company’s stock valued at $892,000 after acquiring an additional 749 shares during the period. Geode Capital Management LLC raised its holdings in shares of Plains GP by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 168,128 shares of the pipeline company’s stock worth $2,091,000 after acquiring an additional 771 shares during the period. California State Teachers Retirement System raised its holdings in Plains GP by 0.5% in the 3rd quarter. California State Teachers Retirement System now owns 171,847 shares of the pipeline company’s stock valued at $2,770,000 after buying an additional 781 shares during the period. Spire Wealth Management grew its position in Plains GP by 63.2% in the 3rd quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 983 shares in the last quarter. Finally, ELCO Management Co. LLC grew its position in Plains GP by 5.3% in the 3rd quarter. ELCO Management Co. LLC now owns 19,807 shares of the pipeline company’s stock valued at $319,000 after acquiring an additional 995 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Stock Performance

Shares of PAGP opened at $18.27 on Thursday. The stock has a 50 day moving average price of $17.68 and a 200 day moving average price of $16.56. The company has a quick ratio of 0.87, a current ratio of 0.98 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 17.91 and a beta of 1.55. Plains GP Holdings, L.P. has a 52-week low of $12.59 and a 52-week high of $19.77.

Plains GP (NYSE:PAGP) last announced its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). The business had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. Research analysts predict that Plains GP Holdings, L.P. will post 1.04 EPS for the current fiscal year.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be issued a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a yield of 6.95%. The ex-dividend date is Tuesday, April 30th. Plains GP’s dividend payout ratio (DPR) is 124.51%.

Analysts Set New Price Targets

Several equities analysts have weighed in on PAGP shares. Scotiabank started coverage on Plains GP in a research report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 target price for the company. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. The Goldman Sachs Group lifted their target price on Plains GP from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, April 12th. UBS Group lifted their target price on Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, Stifel Nicolaus boosted their price objective on Plains GP from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Plains GP currently has an average rating of “Moderate Buy” and an average price target of $19.55.

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.