Miller Howard Investments Inc. NY Lowers Stock Position in Plains GP Holdings, L.P. $PAGP

Miller Howard Investments Inc. NY decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 6.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,100,206 shares of the pipeline company’s stock after selling 73,875 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Plains GP were worth $20,068,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Huntington National Bank purchased a new stake in Plains GP during the second quarter worth about $31,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Plains GP by 378.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Plains GP in the 2nd quarter worth approximately $51,000. CWM LLC increased its stake in Plains GP by 394.5% in the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PAGP has been the subject of several research reports. JPMorgan Chase & Co. cut their price target on Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, September 18th. Morgan Stanley upped their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Zacks Research upgraded shares of Plains GP from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. Raymond James Financial cut their price objective on shares of 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. Finally, Barclays decreased their target price on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.17.

Plains GP Trading Up 1.1%

NYSE PAGP opened at $19.83 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. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $22.31. The company has a 50-day simple moving average of $18.50 and a 200-day simple moving average of $18.64. The firm has a market capitalization of $3.92 billion, a PE ratio of 37.42 and a beta of 0.56.

Plains GP Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is presently 179.57%.

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.