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Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Beach Investment Counsel Inc. PA

Plains GP logo with Oils/Energy background

Beach Investment Counsel Inc. PA cut its holdings in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 15.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,987 shares of the pipeline company's stock after selling 19,141 shares during the quarter. Beach Investment Counsel Inc. PA owned 0.05% of Plains GP worth $1,875,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Plains GP by 17.1% during the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company's stock worth $11,857,000 after purchasing an additional 93,643 shares during the period. Chickasaw Capital Management LLC increased its stake in Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company's stock valued at $151,047,000 after purchasing an additional 1,629,008 shares in the last quarter. Custom Index Systems LLC acquired a new position in Plains GP during the fourth quarter worth $265,000. Vestcor Inc boosted its position in Plains GP by 79.1% during the third quarter. Vestcor Inc now owns 78,442 shares of the pipeline company's stock worth $1,451,000 after purchasing an additional 34,633 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Plains GP by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company's stock valued at $80,900,000 after purchasing an additional 53,000 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PAGP shares. Barclays increased their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an "underweight" rating in a research note on Thursday, January 16th. Morgan Stanley cut shares of Plains GP from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. Raymond James upped their target price on Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 28th. Wells Fargo & Company downgraded Plains GP from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Finally, StockNews.com upgraded Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $20.60.

View Our Latest Stock Analysis on PAGP

Plains GP Trading Down 1.9 %

Shares of PAGP traded down $0.40 during mid-day trading on Friday, hitting $20.72. The company had a trading volume of 2,644,086 shares, compared to its average volume of 2,114,073. Plains GP Holdings, L.P. has a 1-year low of $15.78 and a 1-year high of $22.31. The business's 50-day simple moving average is $19.89 and its 200-day simple moving average is $19.08. The stock has a market cap of $4.09 billion, a PE ratio of 24.38 and a beta of 1.58. 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 (NYSE:PAGP - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.21). Plains GP had a net margin of 0.33% and a return on equity of 1.12%. The company had revenue of $12.74 billion for the quarter, compared to analysts' expectations of $13.17 billion. During the same period in the prior year, the firm earned $0.15 earnings per share. Sell-side analysts forecast that Plains GP Holdings, L.P. will post 0.83 earnings per share for the current year.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, January 31st. This is a positive change from Plains GP's previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 7.34%. Plains GP's dividend payout ratio is currently 178.82%.

About Plains GP

(Free Report)

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.

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Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

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