Commonwealth Equity Services LLC Sells 42,072 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Commonwealth Equity Services LLC reduced its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 53.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,630 shares of the pipeline company's stock after selling 42,072 shares during the period. Commonwealth Equity Services LLC's holdings in Plains GP were worth $673,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Chickasaw Capital Management LLC lifted its position in shares of Plains GP by 24.7% during 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 acquiring an additional 1,629,008 shares during the period. Yaupon Capital Management LP bought a new stake in Plains GP in the third quarter valued at $9,772,000. Raymond James Financial Inc. bought a new stake in Plains GP in the fourth quarter valued at $5,214,000. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Plains GP by 114.8% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 370,496 shares of the pipeline company's stock valued at $6,810,000 after purchasing an additional 198,000 shares during the period. Finally, Stephens Inc. AR boosted its position in shares of Plains GP by 1,862.0% during the 4th quarter. Stephens Inc. AR now owns 207,678 shares of the pipeline company's stock worth $3,817,000 after purchasing an additional 197,093 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PAGP has been the topic of a number of research reports. Raymond James upped their price target on Plains GP from $23.00 to $24.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 28th. Morgan Stanley upped their target price on Plains GP from $19.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 25th. StockNews.com cut Plains GP from a "buy" rating to a "hold" rating in a report on Wednesday, April 2nd. Barclays boosted their price target 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. Finally, Wolfe Research raised 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 research note on Friday, January 10th. Two 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $21.00.

Remove Ads

Plains GP Stock Down 2.7 %

Shares of PAGP stock traded down $0.47 on Tuesday, hitting $17.25. The stock had a trading volume of 3,438,099 shares, compared to its average volume of 1,587,753. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The business has a 50 day moving average of $20.94 and a 200 day moving average of $19.71. Plains GP Holdings, L.P. has a 12-month low of $17.02 and a 12-month high of $22.31. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 32.55 and a beta of 1.11.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.81%. Plains GP's dividend payout ratio (DPR) is 286.79%.

About Plains GP

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.