Cinctive Capital Management LP Buys 50,868 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Cinctive Capital Management LP increased its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 5.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,043,206 shares of the pipeline company's stock after buying an additional 50,868 shares during the period. Plains GP accounts for 1.0% of Cinctive Capital Management LP's holdings, making the stock its 17th biggest holding. Cinctive Capital Management LP owned about 0.53% of Plains GP worth $19,174,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PAGP. State Street Corp grew its holdings in Plains GP by 17.1% in the third 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. Custom Index Systems LLC acquired a new stake in shares of Plains GP in the 4th quarter valued at about $265,000. Chickasaw Capital Management LLC increased its position 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 buying an additional 1,629,008 shares in the last quarter. Vestcor Inc increased its position in Plains GP by 79.1% in the 3rd quarter. Vestcor Inc now owns 78,442 shares of the pipeline company's stock valued at $1,451,000 after buying an additional 34,633 shares in the last quarter. Finally, Plato Investment Management Ltd raised its stake in Plains GP by 144.2% during the 4th quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company's stock worth $661,000 after buying an additional 21,146 shares during the period. Institutional investors own 88.30% of the company's stock.

Plains GP Price Performance

NYSE PAGP traded down $1.26 during trading hours on Monday, hitting $17.40. The company had a trading volume of 1,334,402 shares, compared to its average volume of 1,735,281. The firm has a 50 day simple moving average of $21.19 and a 200 day simple moving average of $19.75. Plains GP Holdings, L.P. has a 52 week low of $17.17 and a 52 week high of $22.31. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 32.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 8.74%. The ex-dividend date is Thursday, May 1st. Plains GP's dividend payout ratio is 286.79%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wolfe Research upgraded shares of Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 price objective on the stock in a report on Friday, January 10th. Morgan Stanley raised their price target on shares of Plains GP from $19.00 to $23.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 25th. Wells Fargo & Company downgraded Plains GP from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. StockNews.com cut Plains GP from a "buy" rating to a "hold" rating in a research report on Wednesday, April 2nd. Finally, Barclays increased their price target on Plains GP from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Plains GP presently has a consensus rating of "Hold" and an average target price of $21.00.

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.