Corient Private Wealth LP cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 34.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 158,666 shares of the pipeline company’s stock after selling 81,937 shares during the period. Corient Private Wealth LP’s holdings in Plains GP were worth $3,851,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PAGP. First Bancorp Inc ME acquired a new position in Plains GP in the second quarter valued at about $30,000. North Star Investment Management Corp. acquired a new position in shares of Plains GP during the 1st quarter worth about $56,000. Larson Financial Group LLC bought a new stake in shares of Plains GP in the 3rd quarter valued at about $46,000. O Domhnaill Enterprises Inc. bought a new stake in shares of Plains GP in the 1st quarter valued at about $66,000. Finally, Lazard Asset Management LLC raised its position in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares during the period. Institutional investors own 88.30% of the company’s stock.
Plains GP Trading Up 0.9%
NYSE PAGP opened at $28.22 on Tuesday. Plains GP Holdings, L.P. has a one year low of $16.68 and a one year high of $28.33. 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 firm has a market cap of $5.58 billion, a P/E ratio of 53.25 and a beta of 0.46. The stock’s 50-day moving average is $25.62 and its 200-day moving average is $24.34.
Plains GP Dividend Announcement
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on PAGP shares. Barclays lifted their price objective on shares of Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research note on Thursday, July 16th. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and increased their target price for the stock from $18.00 to $24.00 in a report on Wednesday, June 3rd. Citigroup lifted their price target on shares of Plains GP from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Wells Fargo & Company boosted their price target on shares of Plains GP from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $23.55.
View Our Latest Stock Analysis on PAGP
About Plains GP
Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.
The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.
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