Cinctive Capital Management LP Buys 50,868 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Cinctive Capital Management LP raised its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 5.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,043,206 shares of the pipeline company’s stock after buying an additional 50,868 shares during the quarter. Plains GP comprises 1.0% of Cinctive Capital Management LP’s portfolio, making the stock its 17th largest holding. Cinctive Capital Management LP owned approximately 0.53% of Plains GP worth $19,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chickasaw Capital Management LLC increased its position in shares of Plains GP by 24.7% during the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Plains GP by 11.7% during the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company’s stock valued at $113,077,000 after buying an additional 646,130 shares during the period. Yaupon Capital Management LP bought a new position in Plains GP in the 3rd quarter worth $9,772,000. Vanguard Group Inc. raised its stake in Plains GP by 10.0% in the fourth quarter. Vanguard Group Inc. now owns 3,167,192 shares of the pipeline company’s stock worth $58,213,000 after buying an additional 288,430 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Plains GP in the 4th quarter worth approximately $5,214,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, December 18th. Raymond James increased their price objective on shares of Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 28th. Morgan Stanley lifted their price objective on Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 25th. StockNews.com cut shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Barclays boosted their price target on Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.00.

Plains GP Price Performance

Shares of PAGP stock opened at $21.47 on Wednesday. The firm has a market capitalization of $4.25 billion, a P/E ratio of 40.51 and a beta of 1.55. Plains GP Holdings, L.P. has a 52-week low of $17.17 and a 52-week high of $22.31. 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 50 day moving average price of $21.28 and a 200 day moving average price of $19.72.

Plains GP Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 7.08%. This is a boost from Plains GP’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, January 31st. Plains GP’s payout ratio is 286.79%.

Plains GP Company Profile

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.