ELCO Management Co. LLC Trims Holdings in Plains GP Holdings, L.P. $PAGP

ELCO Management Co. LLC trimmed its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,592 shares of the pipeline company’s stock after selling 1,110 shares during the quarter. ELCO Management Co. LLC’s holdings in Plains GP were worth $633,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stephens Inc. AR increased its holdings in Plains GP by 0.3% in the 2nd quarter. Stephens Inc. AR now owns 223,570 shares of the pipeline company’s stock worth $4,344,000 after acquiring an additional 739 shares in the last quarter. Founders Capital Management increased its holdings in Plains GP by 1.2% in the 2nd quarter. Founders Capital Management now owns 67,202 shares of the pipeline company’s stock worth $1,306,000 after acquiring an additional 797 shares in the last quarter. Dakota Wealth Management increased its holdings in Plains GP by 2.0% in the 2nd quarter. Dakota Wealth Management now owns 41,179 shares of the pipeline company’s stock worth $800,000 after acquiring an additional 820 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its holdings in Plains GP by 1.3% in the 1st quarter. Pin Oak Investment Advisors Inc. now owns 83,779 shares of the pipeline company’s stock worth $1,758,000 after acquiring an additional 1,035 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its holdings in Plains GP by 9.6% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 12,971 shares of the pipeline company’s stock worth $252,000 after acquiring an additional 1,131 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PAGP has been the subject of a number of research analyst reports. Barclays cut their price objective on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a report on Tuesday, October 7th. Raymond James Financial cut their price objective on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a report on Friday. Wolfe Research reaffirmed a “peer perform” rating on shares of Plains GP in a report on Friday, July 25th. JPMorgan Chase & Co. cut their price objective on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, September 18th. Finally, Morgan Stanley cut their price objective on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.13.

Plains GP Stock Down 0.3%

Shares of PAGP opened at $17.67 on Wednesday. The company has a market cap of $3.49 billion, a PE ratio of 33.34 and a beta of 0.68. The business has a fifty day moving average of $18.22 and a 200 day moving average of $18.66. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.6%. The ex-dividend date is Friday, October 31st. Plains GP’s dividend payout ratio (DPR) is 220.29%.

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.