Vanguard Group Inc. Sells 384,701 Shares of Plains GP Holdings, L.P. $PAGP

Vanguard Group Inc. reduced its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 11.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,991,734 shares of the pipeline company’s stock after selling 384,701 shares during the quarter. Vanguard Group Inc.’s holdings in Plains GP were worth $57,262,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Cibc World Market Inc. lifted its holdings in Plains GP by 3.8% during the third quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock worth $296,000 after acquiring an additional 597 shares during the period. Arkadios Wealth Advisors increased its position in Plains GP by 0.8% in the third quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company’s stock worth $1,384,000 after buying an additional 631 shares during the last quarter. CWM LLC increased its position in Plains GP by 8.5% in the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after buying an additional 636 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares during the last quarter. Finally, Creative Planning increased its position in Plains GP by 5.1% in the third quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock worth $277,000 after buying an additional 742 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Price Performance

Shares of NYSE PAGP opened at $24.56 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $24.75. The stock has a fifty day moving average of $23.63 and a 200-day moving average of $20.99. 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 stock has a market cap of $4.86 billion, a PE ratio of 46.34 and a beta of 0.46.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.8%. The ex-dividend date was Friday, May 1st. Plains GP’s payout ratio is presently 172.16%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PAGP. Morgan Stanley raised their target price on Plains GP from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 18th. Mizuho set a $23.00 target price on Plains GP in a research report on Friday, January 23rd. Wells Fargo & Company raised their target price on Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, 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 report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.30.

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.