Energy Income Partners LLC Sells 83,328 Shares of Plains GP Holdings, L.P. $PAGP

Energy Income Partners LLC lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,093,757 shares of the pipeline company’s stock after selling 83,328 shares during the quarter. Plains GP accounts for about 3.8% of Energy Income Partners LLC’s holdings, making the stock its 4th biggest holding. Energy Income Partners LLC owned approximately 5.10% of Plains GP worth $196,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank purchased a new position in shares of Plains GP during the 2nd quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd lifted its stake in 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 worth $39,000 after purchasing an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in Plains GP during the second quarter worth $51,000. CWM LLC boosted its position in shares of Plains GP by 394.5% during the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after buying an additional 2,300 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Plains GP by 43.2% in the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock valued at $68,000 after buying an additional 1,051 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Up 0.5%

Shares of Plains GP stock opened at $18.84 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The company has a market capitalization of $3.73 billion, a P/E ratio of 35.55 and a beta of 0.57. The company has a 50 day moving average of $17.82 and a 200 day moving average of $18.59.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were paid a dividend of $0.38 per share. The ex-dividend date was Friday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.1%. Plains GP’s payout ratio is presently 163.44%.

Analyst Upgrades and Downgrades

PAGP has been the topic of several research reports. Raymond James Financial decreased their target price on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 24th. Zacks Research upgraded shares of Plains GP from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Barclays lowered their price objective on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, October 7th. JPMorgan Chase & Co. cut their target price on shares of 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, Morgan Stanley raised their price target on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 25th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.38.

Plains GP 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.