Plato Investment Management Ltd Reduces Position in Plains GP Holdings, L.P. $PAGP

Plato Investment Management Ltd cut its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 33.4% during the second quarter, HoldingsChannel reports. The firm owned 10,132 shares of the pipeline company’s stock after selling 5,071 shares during the quarter. Plato Investment Management Ltd’s holdings in Plains GP were worth $196,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PAGP. Caitong International Asset Management Co. Ltd increased its holdings in Plains GP by 378.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after buying an additional 1,580 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in Plains GP in the second quarter valued at approximately $51,000. CWM LLC increased its stake in Plains GP by 394.5% in the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after purchasing an additional 2,300 shares during the last quarter. Private Trust Co. NA grew its position in shares of Plains GP by 100.0% in the 2nd quarter. Private Trust Co. NA now owns 5,211 shares of the pipeline company’s stock valued at $101,000 after buying an additional 2,606 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Plains GP in the 1st quarter valued at $135,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on PAGP shares. Raymond James Financial dropped their price objective on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Friday, October 24th. Barclays dropped their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 7th. Zacks Research downgraded Plains GP from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Finally, Morgan Stanley cut their target price on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and an average price target of $20.13.

Plains GP Trading Down 0.6%

Shares of PAGP stock opened at $17.17 on Tuesday. The business’s 50 day moving average is $18.11 and its two-hundred day moving average is $18.63. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $3.40 billion, a P/E ratio of 32.40 and a beta of 0.68.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.9%. Plains GP’s payout ratio is presently 220.29%.

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.