Brookfield Corp ON lessened its holdings in Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 12.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,335,892 shares of the pipeline company’s stock after selling 475,639 shares during the period. Brookfield Corp ON owned 1.72% of Plains GP worth $43,767,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in PAGP. Aigen Investment Management LP boosted its stake in Plains GP by 257.7% in the 4th quarter. Aigen Investment Management LP now owns 56,878 shares of the pipeline company’s stock valued at $708,000 after purchasing an additional 40,978 shares during the period. Cambria Investment Management L.P. increased its position in Plains GP by 3.7% during the first quarter. Cambria Investment Management L.P. now owns 689,874 shares of the pipeline company’s stock worth $9,051,000 after acquiring an additional 24,541 shares during the period. Chicago Partners Investment Group LLC raised its stake in Plains GP by 4.9% in the 1st quarter. Chicago Partners Investment Group LLC now owns 81,548 shares of the pipeline company’s stock worth $1,130,000 after purchasing an additional 3,809 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Plains GP by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 170,677 shares of the pipeline company’s stock valued at $2,239,000 after purchasing an additional 1,685 shares during the period. Finally, Vise Technologies Inc. grew its position in shares of Plains GP by 3.8% during the 1st quarter. Vise Technologies Inc. now owns 68,777 shares of the pipeline company’s stock worth $902,000 after purchasing an additional 2,534 shares in the last quarter. Institutional investors and hedge funds own 84.45% of the company’s stock.
Plains GP Stock Performance
Shares of PAGP stock opened at $15.56 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.00 and a debt-to-equity ratio of 0.49. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 13.08 and a beta of 1.63. The firm has a 50 day moving average of $15.62 and a 200-day moving average of $14.34. Plains GP Holdings, L.P. has a 52 week low of $10.45 and a 52 week high of $16.28.
Plains GP Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were given a dividend of $0.2675 per share. This represents a $1.07 annualized dividend and a dividend yield of 6.88%. The ex-dividend date was Friday, July 28th. Plains GP’s payout ratio is presently 89.92%.
Analysts Set New Price Targets
PAGP has been the topic of several analyst reports. StockNews.com began coverage on Plains GP in a report on Thursday, August 17th. They set a “hold” rating on the stock. Mizuho lifted their price objective on shares of Plains GP from $17.00 to $19.00 in a research note on Wednesday, July 12th. Morgan Stanley raised their target price on Plains GP from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, July 20th. Citigroup lowered Plains GP from a “buy” rating to a “neutral” rating and raised their price objective for the company from $14.00 to $15.50 in a research note on Wednesday, September 6th. Finally, Raymond James lifted their price target on shares of Plains GP from $17.00 to $18.00 and gave the company a “strong-buy” rating in a report on Friday, July 21st. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Plains GP currently has an average rating of “Moderate Buy” and a consensus target price of $16.72.
Read Our Latest Analysis on PAGP
Plains GP Profile
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.
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