Kayne Anderson Capital Advisors LP Sells 699,124 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Kayne Anderson Capital Advisors LP cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 14.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,172,107 shares of the pipeline company’s stock after selling 699,124 shares during the period. Plains GP comprises about 2.1% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 16th biggest position. Kayne Anderson Capital Advisors LP owned approximately 2.12% of Plains GP worth $66,545,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the stock. Spire Wealth Management raised its stake in Plains GP by 63.2% during the third quarter. Spire Wealth Management now owns 2,538 shares of the pipeline company’s stock valued at $41,000 after purchasing an additional 983 shares in the last quarter. Rational Advisors LLC bought a new position in shares of Plains GP during the 3rd quarter valued at approximately $43,000. Allworth Financial LP purchased a new stake in shares of Plains GP in the third quarter valued at $48,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Plains GP by 95.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,475 shares of the pipeline company’s stock worth $56,000 after acquiring an additional 1,697 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Plains GP during the 3rd quarter worth about $63,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Barclays boosted their target price on Plains GP from $16.00 to $18.00 and gave the company an “underweight” rating in a research report on Friday, April 12th. Wells Fargo & Company lifted their target price on Plains GP from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Wednesday. Stifel Nicolaus lifted their price objective on shares of Plains GP from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Scotiabank started coverage on shares of Plains GP in a research note on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 target price on the stock. Finally, StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.64.

Plains GP Stock Up 0.2 %

PAGP stock traded up $0.04 during trading on Thursday, reaching $18.56. 205,853 shares of the company traded hands, compared to its average volume of 2,246,587. Plains GP Holdings, L.P. has a 12 month low of $13.09 and a 12 month high of $19.77. The business has a 50 day simple moving average of $18.21 and a 200 day simple moving average of $16.85. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.98. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 21.05 and a beta of 1.53.

Plains GP (NYSE:PAGP) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). Plains GP had a net margin of 0.35% and a return on equity of 1.15%. The company had revenue of $12.70 billion for the quarter, compared to analyst estimates of $12.88 billion. On average, equities research analysts anticipate that Plains GP Holdings, L.P. will post 1.05 earnings per share for the current fiscal year.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.3175 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.84%. Plains GP’s payout ratio is 144.32%.

About Plains GP

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.