Propel Bio Management LLC Has $23.54 Million Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Propel Bio Management LLC cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 7.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,272,360 shares of the pipeline company's stock after selling 100,000 shares during the quarter. Plains GP accounts for about 13.7% of Propel Bio Management LLC's investment portfolio, making the stock its 2nd largest holding. Propel Bio Management LLC owned approximately 0.64% of Plains GP worth $23,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PAGP. ORG Partners LLC bought a new position in Plains GP during the 2nd quarter valued at approximately $44,000. CWM LLC raised its position in shares of Plains GP by 61.0% in the 2nd quarter. CWM LLC now owns 3,028 shares of the pipeline company's stock worth $57,000 after acquiring an additional 1,147 shares in the last quarter. Hara Capital LLC bought a new position in shares of Plains GP in the 3rd quarter worth approximately $57,000. Unique Wealth Strategies LLC bought a new position in shares of Plains GP in the 2nd quarter worth approximately $70,000. Finally, Eastern Bank bought a new position in shares of Plains GP in the 3rd quarter worth approximately $76,000. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Plains GP Stock Up 1.1 %

PAGP traded up $0.21 during trading on Tuesday, hitting $19.08. 927,032 shares of the company's stock traded hands, compared to its average volume of 1,733,717. The company's 50 day simple moving average is $18.47 and its two-hundred day simple moving average is $18.58. 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 $14.93 and a 12-month high of $20.10. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 22.20 and a beta of 1.54.

Plains GP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.3175 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.66%. Plains GP's dividend payout ratio (DPR) is currently 149.41%.

Analyst Ratings Changes

PAGP has been the subject of several research reports. Wolfe Research raised Plains GP to a "hold" rating in a research report on Wednesday, September 18th. Morgan Stanley lowered Plains GP from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, StockNews.com raised Plains GP from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Plains GP currently has an average rating of "Hold" and an average target price of $19.88.

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.