Cbre Investment Management Listed Real Assets LLC Sells 4,076 Shares of Plains GP Holdings, L.P. $PAGP

Cbre Investment Management Listed Real Assets LLC reduced its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 26.0% in the second quarter, Holdings Channel.com reports. The fund owned 11,626 shares of the pipeline company’s stock after selling 4,076 shares during the period. Cbre Investment Management Listed Real Assets LLC’s holdings in Plains GP were worth $226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Huntington National Bank purchased a new stake in Plains GP during the 2nd quarter worth about $31,000. Caitong International Asset Management Co. Ltd increased its position in shares of Plains GP by 378.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after buying an additional 1,580 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Plains GP in the second quarter worth about $51,000. CWM LLC boosted its position in shares of Plains GP by 394.5% in the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after acquiring an additional 2,300 shares during the period. Finally, Private Trust Co. NA grew its stake in Plains GP by 100.0% during the second quarter. Private Trust Co. NA now owns 5,211 shares of the pipeline company’s stock valued at $101,000 after acquiring an additional 2,606 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley lowered their target price on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 26th. Wolfe Research reiterated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Raymond James Financial reduced their target price on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Friday, October 24th. JPMorgan Chase & Co. decreased their target price on Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, September 18th. Finally, Barclays dropped their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.13.

Plains GP Price Performance

PAGP opened at $17.25 on Friday. 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 stock has a market capitalization of $3.41 billion, a P/E ratio of 32.55 and a beta of 0.70. The stock has a 50-day moving average price of $18.00 and a 200-day moving average price of $18.60. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Friday, October 31st. Plains GP’s dividend payout ratio (DPR) is presently 220.29%.

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.