Cinctive Capital Management LP Boosts Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Cinctive Capital Management LP grew its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 0.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 992,338 shares of the pipeline company’s stock after purchasing an additional 781 shares during the period. Plains GP makes up 1.0% of Cinctive Capital Management LP’s investment portfolio, making the stock its 16th largest position. Cinctive Capital Management LP owned 0.50% of Plains GP worth $18,358,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Investment Advisers boosted its stake in Plains GP by 644.7% during the first quarter. Cetera Investment Advisers now owns 154,961 shares of the pipeline company’s stock worth $2,828,000 after buying an additional 134,153 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Plains GP during the 1st quarter worth approximately $1,669,000. Bank of New York Mellon Corp acquired a new stake in Plains GP in the 2nd quarter valued at approximately $566,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Plains GP by 1.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after purchasing an additional 53,000 shares during the period. Finally, Kesler Norman & Wride LLC acquired a new position in Plains GP during the third quarter worth $523,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Trading Up 2.8 %

Shares of NYSE:PAGP opened at $20.02 on Monday. The company has a market cap of $3.95 billion, a PE ratio of 23.55 and a beta of 1.54. The company’s 50 day moving average is $18.51 and its two-hundred day moving average is $18.62. Plains GP Holdings, L.P. has a 52 week low of $14.93 and a 52 week high of $20.10. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 6.34%. The ex-dividend date was Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is 149.41%.

Wall Street Analyst Weigh In

PAGP has been the topic of several research analyst reports. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $19.00 in a report on Friday, October 25th. Wolfe Research upgraded shares of Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Finally, StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.88.

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.