Gilman Hill Asset Management LLC Cuts Position in Plains GP Holdings, L.P. $PAGP

Gilman Hill Asset Management LLC decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 11.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 266,871 shares of the pipeline company’s stock after selling 33,570 shares during the quarter. Gilman Hill Asset Management LLC owned 0.13% of Plains GP worth $5,108,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Pathstone Holdings LLC increased its position in shares of Plains GP by 227.5% in the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after buying an additional 1,427,743 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Plains GP during the 3rd quarter valued at approximately $9,629,000. Chickasaw Capital Management LLC lifted its position in shares of Plains GP by 5.9% during the 3rd quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after buying an additional 494,259 shares in the last quarter. Bank of America Corp DE grew its stake in Plains GP by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after acquiring an additional 466,773 shares during the period. Finally, Qube Research & Technologies Ltd grew its stake in Plains GP by 46.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after acquiring an additional 456,426 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research analyst reports. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Mizuho set a $23.00 target price on shares of Plains GP in a research note on Friday, January 23rd. Truist Financial assumed coverage on shares of Plains GP in a research report on Tuesday. They set a “buy” rating and a $23.00 price target for the company. Finally, Barclays raised their price target on shares of Plains GP from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.60.

Plains GP Stock Up 1.6%

NYSE PAGP opened at $24.14 on Wednesday. The business has a fifty day moving average price of $21.90 and a 200 day moving average price of $19.56. 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 company has a market cap of $4.78 billion, a P/E ratio of 45.55 and a beta of 0.56. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $24.34.

Plains GP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) 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.