Vestcor Inc Sells 39,304 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Vestcor Inc lessened its position in Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 50.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,138 shares of the pipeline company's stock after selling 39,304 shares during the period. Vestcor Inc's holdings in Plains GP were worth $719,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Chickasaw Capital Management LLC raised its position in shares of Plains GP by 24.7% in the fourth 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 during the last quarter. Miller Howard Investments Inc. NY raised its position in shares of Plains GP by 2.3% in the fourth quarter. Miller Howard Investments Inc. NY now owns 1,535,470 shares of the pipeline company's stock valued at $28,222,000 after buying an additional 34,894 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Plains GP by 8.5% in the third quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company's stock valued at $24,309,000 after purchasing an additional 103,353 shares during the period. Catalyst Capital Advisors LLC grew its holdings in Plains GP by 2.5% in the fourth quarter. Catalyst Capital Advisors LLC now owns 750,930 shares of the pipeline company's stock valued at $13,802,000 after purchasing an additional 18,595 shares during the period. Finally, Thompson Siegel & Walmsley LLC purchased a new stake in Plains GP in the third quarter valued at approximately $13,848,000. Institutional investors and hedge funds own 88.30% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. StockNews.com downgraded shares of Plains GP from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Barclays boosted their target price on shares of Plains GP from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Thursday, January 16th. Raymond James boosted their target price on shares of Plains GP from $23.00 to $24.00 and gave the company a "strong-buy" rating in a report on Tuesday, January 28th. Wolfe Research upgraded shares of Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 target price for the company in a report on Friday, January 10th. Finally, Wells Fargo & Company downgraded shares of Plains GP from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Plains GP currently has a consensus rating of "Hold" and an average target price of $20.60.

Plains GP Price Performance

PAGP traded up $0.04 on Thursday, reaching $21.56. The company had a trading volume of 747,675 shares, compared to its average volume of 1,501,524. Plains GP Holdings, L.P. has a one year low of $17.17 and a one year high of $22.31. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $21.17 and a 200-day moving average of $19.53. The company has a market capitalization of $4.26 billion, a P/E ratio of 40.68 and a beta of 1.55.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a $0.38 dividend. This is a positive change from Plains GP's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.05%. Plains GP's dividend payout ratio (DPR) is currently 286.79%.

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.