Plains GP Holdings LP (PAGP) Shares Sold by Brasada Capital Management LP
Brasada Capital Management LP trimmed its holdings in shares of Plains GP Holdings LP (NYSE:PAGP) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,941 shares of the pipeline company’s stock after selling 2,836 shares during the quarter. Brasada Capital Management LP’s holdings in Plains GP were worth $1,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in PAGP. Bank of America Corp DE grew its holdings in Plains GP by 0.8% during the second quarter. Bank of America Corp DE now owns 255,991 shares of the pipeline company’s stock valued at $6,121,000 after purchasing an additional 2,115 shares during the period. Schroder Investment Management Group acquired a new position in Plains GP during the second quarter valued at approximately $10,809,000. United Services Automobile Association acquired a new position in Plains GP during the second quarter valued at approximately $461,000. Polianta Ltd acquired a new position in shares of Plains GP in the third quarter valued at approximately $1,125,000. Finally, Andra AP fonden boosted its holdings in shares of Plains GP by 5.0% in the third quarter. Andra AP fonden now owns 304,600 shares of the pipeline company’s stock valued at $7,472,000 after buying an additional 14,400 shares during the period. Hedge funds and other institutional investors own 85.77% of the company’s stock.
Shares of PAGP stock opened at $23.29 on Tuesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 0.89. The firm has a market capitalization of $3.68 billion, a PE ratio of 11.04 and a beta of 1.26. Plains GP Holdings LP has a 12 month low of $19.17 and a 12 month high of $27.00.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Thursday, January 31st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date of this dividend is Wednesday, January 30th. Plains GP’s dividend payout ratio is presently 56.87%.
PAGP has been the subject of several research analyst reports. Zacks Investment Research cut shares of Plains GP from a “buy” rating to a “hold” rating in a report on Friday, October 19th. ValuEngine cut shares of Plains GP from a “hold” rating to a “sell” rating in a report on Wednesday, November 7th. Wolfe Research upgraded shares of Plains GP from an “underperform” rating to a “peer perform” rating in a report on Monday, November 26th. Mizuho initiated coverage on shares of Plains GP in a report on Wednesday, November 28th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Citigroup reduced their price target on shares of Plains GP from $27.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, November 29th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Plains GP has a consensus rating of “Buy” and an average target price of $28.53.
In other Plains GP news, Director Oscar K. Brown acquired 4,400 shares of the business’s stock in a transaction dated Thursday, December 27th. The shares were acquired at an average price of $19.54 per share, with a total value of $85,976.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $214,940. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Oscar K. Brown acquired 2,500 shares of the business’s stock in a transaction dated Friday, November 23rd. The stock was acquired at an average cost of $20.42 per share, for a total transaction of $51,050.00. Following the transaction, the director now owns 9,600 shares of the company’s stock, valued at $196,032. The disclosure for this purchase can be found here. In the last three months, insiders bought 7,900 shares of company stock worth $156,846. 16.80% of the stock is currently owned by insiders.
Plains GP Company Profile
Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.
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