Jennison Associates LLC Has $25.34 Million Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Jennison Associates LLC lowered its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 49.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,378,478 shares of the pipeline company's stock after selling 1,336,063 shares during the quarter. Jennison Associates LLC owned about 0.70% of Plains GP worth $25,336,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Chickasaw Capital Management LLC raised its stake in shares of 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. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Plains GP by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company's stock worth $80,900,000 after purchasing an additional 53,000 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Plains GP by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company's stock worth $24,309,000 after purchasing an additional 103,353 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in Plains GP during the 3rd quarter valued at about $13,848,000. Finally, Catalyst Capital Advisors LLC boosted its position in Plains GP by 10.0% in the third quarter. Catalyst Capital Advisors LLC now owns 732,335 shares of the pipeline company's stock valued at $13,548,000 after buying an additional 66,690 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Plains GP Trading Down 1.8 %

NYSE:PAGP traded down $0.39 during mid-day trading on Friday, hitting $20.73. The company had a trading volume of 3,071,562 shares, compared to its average volume of 2,081,784. The firm has a market cap of $4.09 billion, a P/E ratio of 24.39 and a beta of 1.58. Plains GP Holdings, L.P. has a fifty-two week low of $15.78 and a fifty-two week high of $22.31. The business's fifty day moving average is $19.90 and its two-hundred day moving average is $19.08. 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 (NYSE:PAGP - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The firm had revenue of $12.74 billion for the quarter, compared to the consensus estimate of $13.17 billion. During the same period in the previous year, the business earned $0.15 EPS. As a group, research analysts expect 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. Stockholders of record on Friday, January 31st will be issued 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 is Friday, January 31st. This represents a $1.52 annualized dividend and a dividend yield of 7.33%. Plains GP's payout ratio is 178.82%.

Wall Street Analyst Weigh In

PAGP has been the topic of several recent analyst reports. Morgan Stanley downgraded Plains GP from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $22.00 to $19.00 in a report on Friday, October 25th. StockNews.com raised Plains GP from a "hold" rating to a "buy" rating in a report on Friday, November 8th. Wolfe Research raised Plains GP from a "peer perform" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Friday, January 10th. Barclays boosted their target price on Plains GP from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company cut Plains GP from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $20.60.

Plains GP Company 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.