Plains GP Holdings, L.P. $PAGP Shares Sold by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH cut its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 35.7% in the fourth quarter, Holdings Channel reports. The fund owned 139,344 shares of the pipeline company’s stock after selling 77,419 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Plains GP were worth $2,667,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PAGP. Royal Bank of Canada grew its holdings in shares of Plains GP by 6.1% in the first quarter. Royal Bank of Canada now owns 468,314 shares of the pipeline company’s stock valued at $10,003,000 after purchasing an additional 26,952 shares during the period. Legal & General Group Plc increased its position in Plains GP by 1.5% during the second quarter. Legal & General Group Plc now owns 207,126 shares of the pipeline company’s stock worth $4,024,000 after purchasing an additional 3,106 shares during the last quarter. Hsbc Holdings PLC raised its stake in Plains GP by 3.4% during the second quarter. Hsbc Holdings PLC now owns 2,649,726 shares of the pipeline company’s stock worth $51,483,000 after purchasing an additional 86,695 shares during the period. JRM Investment Counsel LLC boosted its holdings in Plains GP by 33.5% in the 2nd quarter. JRM Investment Counsel LLC now owns 219,000 shares of the pipeline company’s stock valued at $4,255,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Plains GP by 3.1% in the 2nd quarter. Invesco Ltd. now owns 4,319,604 shares of the pipeline company’s stock valued at $83,930,000 after purchasing an additional 128,994 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Analysts Set New Price Targets

PAGP has been the topic of a number of recent analyst reports. Barclays upped their price objective on Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a report on Monday, February 9th. Stifel Nicolaus raised their target price on Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Wells Fargo & Company lifted their target price on Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, March 13th. Citigroup upped their price target on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Finally, Truist Financial started coverage on Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.60.

Plains GP Stock Performance

Shares of PAGP stock opened at $24.46 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a market cap of $4.84 billion, a P/E ratio of 46.15 and a beta of 0.56. The firm’s 50 day moving average price is $22.14 and its 200-day moving average price is $19.68. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $24.76.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s payout ratio is currently 129.46%.

Plains GP Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.