CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 1.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,745,000 shares of the pipeline company’s stock after selling 50,000 shares during the period. Plains GP comprises about 4.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 4th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains GP were worth $96,996,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Energy Income Partners LLC grew its position in Plains GP by 1.4% in the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company’s stock worth $217,908,000 after purchasing an additional 120,765 shares during the period. Artemis Investment Management LLP raised its position in shares of Plains GP by 18.1% during the 3rd quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company’s stock valued at $161,390,000 after purchasing an additional 955,231 shares during the period. Bank of America Corp DE lifted its position in shares of Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company’s stock valued at $93,818,000 after acquiring an additional 112,893 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Plains GP by 5.5% in the 2nd quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company’s stock worth $69,291,000 after purchasing an additional 147,603 shares during the period. Finally, Goodman Financial Corp boosted its position in shares of Plains GP by 1.2% during the first quarter. Goodman Financial Corp now owns 818,027 shares of the pipeline company’s stock worth $19,862,000 after acquiring an additional 9,348 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.
Plains GP Price Performance
NYSE PAGP opened at $28.87 on Tuesday. The stock’s fifty day moving average price is $27.18 and its 200 day moving average price is $24.40. 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 company has a market cap of $5.71 billion, a price-to-earnings ratio of 54.47 and a beta of 0.54. Plains GP Holdings, L.P. has a 1 year low of $16.89 and a 1 year high of $28.93.
Plains GP Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.67 dividend on an annualized basis and a yield of 5.8%. Plains GP’s dividend payout ratio (DPR) is currently 59.86%.
Analysts Set New Price Targets
A number of equities analysts recently commented on PAGP shares. Citigroup increased their price target on Plains GP from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 17th. Mizuho upped their price objective on Plains GP from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, September 21st. Truist Financial lifted their price target on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Plains GP from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Finally, UBS Group boosted their price target on Plains GP from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Plains GP has a consensus rating of “Hold” and a consensus target price of $26.00.
Check Out Our Latest Stock Analysis on PAGP
Plains GP Company Profile
Plains GP Holdings, L.P. (NYSE:PAGP) is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America’s major midstream energy companies.
Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.
The company’s operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.
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