Vanguard Group Inc. Sells 42,049 Shares of Plains GP Holdings, L.P. $PAGP

Vanguard Group Inc. decreased its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,376,435 shares of the pipeline company’s stock after selling 42,049 shares during the quarter. Vanguard Group Inc. owned approximately 1.71% of Plains GP worth $61,586,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Plains GP by 4.1% in the third quarter. JPMorgan Chase & Co. now owns 193,910 shares of the pipeline company’s stock valued at $3,537,000 after acquiring an additional 7,712 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Plains GP by 5.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 112,484 shares of the pipeline company’s stock worth $2,052,000 after acquiring an additional 6,135 shares during the period. Assetmark Inc. grew its position in shares of Plains GP by 24.6% during the third quarter. Assetmark Inc. now owns 170,378 shares of the pipeline company’s stock worth $3,108,000 after purchasing an additional 33,684 shares in the last quarter. Savvy Advisors Inc. bought a new stake in Plains GP during the 3rd quarter valued at approximately $308,000. Finally, Cibc World Market Inc. raised its stake in Plains GP by 3.8% during the 3rd quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock valued at $296,000 after purchasing an additional 597 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PAGP shares. Zacks Research downgraded Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Stifel Nicolaus lifted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday. Mizuho set a $23.00 target price on shares of Plains GP in a report on Friday, January 23rd. Citigroup upped their target price on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Finally, Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 target price for the company. in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Plains GP has a consensus rating of “Hold” and an average price target of $21.11.

Plains GP Price Performance

Shares of Plains GP stock opened at $23.80 on Friday. The firm has a market cap of $4.71 billion, a PE ratio of 44.91 and a beta of 0.56. The stock has a 50 day moving average of $20.94 and a 200 day moving average of $19.18. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $24.00.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date was Friday, January 30th. Plains GP’s dividend payout ratio is currently 129.46%.

Plains GP Company 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.