First Trust Advisors LP lowered its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 138,919 shares of the pipeline company’s stock after selling 36,277 shares during the period. First Trust Advisors LP’s holdings in Plains GP were worth $3,373,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. CWM LLC grew its holdings in Plains GP by 8.5% during the fourth quarter. CWM LLC now owns 8,113 shares of the pipeline company’s stock worth $155,000 after acquiring an additional 636 shares during the period. IVC Wealth Advisors LLC lifted its holdings in Plains GP by 4.7% in the first quarter. IVC Wealth Advisors LLC now owns 16,105 shares of the pipeline company’s stock valued at $391,000 after acquiring an additional 722 shares during the period. Creative Planning lifted its holdings in Plains GP by 5.1% in the third quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock valued at $277,000 after acquiring an additional 742 shares during the period. Lazard Asset Management LLC boosted its position in Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares in the last quarter. Finally, ProVise Management Group LLC boosted its position in Plains GP by 0.6% in the 4th quarter. ProVise Management Group LLC now owns 141,282 shares of the pipeline company’s stock worth $2,704,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.
Plains GP Stock Performance
NYSE:PAGP opened at $25.38 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market capitalization of $5.02 billion, a PE ratio of 47.89 and a beta of 0.46. Plains GP Holdings, L.P. has a fifty-two week low of $16.68 and a fifty-two week high of $26.77. The company has a fifty day moving average of $24.84 and a two-hundred day moving average of $23.64.
Plains GP Dividend Announcement
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on PAGP. US Capital Advisors lowered shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Mizuho raised their price target on shares of Plains GP from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $18.00 to $24.00 in a report on Wednesday, June 3rd. Zacks Research upgraded shares of Plains GP from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Morgan Stanley increased their target price on shares of Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Plains GP has a consensus rating of “Hold” and a consensus price target of $23.36.
Check Out Our Latest Analysis on Plains GP
Plains GP Company Profile
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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