BROOKFIELD Corp ON Cuts Stake in Plains GP Holdings, L.P. $PAGP

BROOKFIELD Corp ON cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 9.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 1,987,158 shares of the pipeline company’s stock after selling 211,216 shares during the period. BROOKFIELD Corp ON’s holdings in Plains GP were worth $48,248,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Energy Income Partners LLC boosted its stake in Plains GP by 1.0% in the 3rd quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock worth $185,987,000 after purchasing an additional 102,916 shares in the last quarter. Invesco Ltd. increased its stake in Plains GP by 1.5% during the 3rd quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock valued at $80,006,000 after purchasing an additional 66,695 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Plains GP by 3.9% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock valued at $71,296,000 after purchasing an additional 140,000 shares in the last quarter. UBS Group AG increased its stake in Plains GP by 1.7% during the 4th quarter. UBS Group AG now owns 3,407,809 shares of the pipeline company’s stock valued at $65,225,000 after purchasing an additional 58,003 shares in the last quarter. Finally, Advisors Capital Management LLC raised its holdings in Plains GP by 6.1% in the fourth quarter. Advisors Capital Management LLC now owns 2,829,953 shares of the pipeline company’s stock worth $54,165,000 after buying an additional 163,094 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

NYSE PAGP opened at $26.45 on Monday. The company has a 50-day moving average price of $24.72 and a 200-day moving average price of $23.25. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $26.65. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $5.23 billion, a P/E ratio of 49.91 and a beta of 0.45.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, July 31st. Plains GP’s payout ratio is 172.16%.

Wall Street Analysts Forecast Growth

PAGP has been the topic of several analyst reports. Morgan Stanley upped their target price on shares of Plains GP from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Wells Fargo & Company boosted their price objective on shares of Plains GP from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. US Capital Advisors cut Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and increased their target price for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.36.

Plains GP Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.