Plains GP Holdings, L.P. (NYSE:PAGP) Stock Holdings Trimmed by Blackstone Inc.

Blackstone Inc. decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 39.2% in the 4th quarter, HoldingsChannel reports. The firm owned 2,137,905 shares of the pipeline company’s stock after selling 1,377,318 shares during the quarter. Blackstone Inc.’s holdings in Plains GP were worth $39,295,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Custom Index Systems LLC acquired a new stake in Plains GP in the fourth quarter worth approximately $265,000. Chickasaw Capital Management LLC lifted its holdings in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after buying an additional 1,629,008 shares during the period. Plato Investment Management Ltd boosted its stake in Plains GP by 144.2% during the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock valued at $661,000 after buying an additional 21,146 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in Plains GP during the fourth quarter worth about $380,000. Finally, HF Advisory Group LLC raised its position in Plains GP by 31.0% in the fourth quarter. HF Advisory Group LLC now owns 138,058 shares of the pipeline company’s stock worth $2,538,000 after acquiring an additional 32,691 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Stock Performance

Shares of PAGP stock opened at $17.24 on Tuesday. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 32.53 and a beta of 1.11. Plains GP Holdings, L.P. has a 1-year low of $16.61 and a 1-year 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 stock’s fifty day simple moving average is $19.84 and its 200-day simple moving average is $19.69.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a yield of 8.82%. Plains GP’s dividend payout ratio (DPR) is presently 286.79%.

Analyst Ratings Changes

PAGP has been the subject of several research reports. Morgan Stanley raised their price objective on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 25th. Raymond James lifted their price target on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Barclays cut their price objective on Plains GP from $19.00 to $18.00 and set an “underweight” rating for the company in a research report on Thursday, April 10th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Friday, January 10th. Finally, StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.83.

Plains GP 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.