Plato Investment Management Ltd Reduces Stake in Plains GP Holdings, L.P. $PAGP

Plato Investment Management Ltd decreased its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 33.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,132 shares of the pipeline company’s stock after selling 5,071 shares during the quarter. Plato Investment Management Ltd’s holdings in Plains GP were worth $196,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of Plains GP by 378.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after buying an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Plains GP during the second quarter worth approximately $51,000. CWM LLC raised its holdings in shares of Plains GP by 394.5% during the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after acquiring an additional 2,300 shares during the period. Private Trust Co. NA raised its holdings in shares of Plains GP by 100.0% during the 2nd quarter. Private Trust Co. NA now owns 5,211 shares of the pipeline company’s stock worth $101,000 after acquiring an additional 2,606 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Plains GP during the 1st quarter worth $135,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Price Performance

PAGP stock opened at $17.17 on Tuesday. 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 capitalization of $3.40 billion, a PE ratio of 32.40 and a beta of 0.68. The business’s fifty day moving average price is $18.11 and its 200 day moving average price is $18.63. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.9%. Plains GP’s dividend payout ratio is currently 220.29%.

Analyst Ratings Changes

A number of brokerages have commented on PAGP. Wolfe Research reaffirmed a “peer perform” rating on shares of Plains GP in a research note on Friday, July 25th. Raymond James Financial reduced their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 24th. Barclays reduced their target price on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and a consensus target price of $20.13.

About Plains GP

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.