Mackenzie Financial Corp Has $15.90 Million Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Mackenzie Financial Corp trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 17.6% in the fourth quarter, HoldingsChannel reports. The firm owned 865,025 shares of the pipeline company’s stock after selling 184,845 shares during the period. Mackenzie Financial Corp’s holdings in Plains GP were worth $15,899,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PAGP. Custom Index Systems LLC acquired a new position in Plains GP during the 4th quarter worth $265,000. Plato Investment Management Ltd increased its stake in shares of Plains GP by 144.2% in the 4th 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 during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Plains GP in the 4th quarter valued at $380,000. Leisure Capital Management acquired a new stake in shares of Plains GP in the 4th quarter valued at $931,000. Finally, Bank of Montreal Can increased its stake in shares of Plains GP by 36.4% in the 4th quarter. Bank of Montreal Can now owns 43,284 shares of the pipeline company’s stock valued at $796,000 after buying an additional 11,541 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAGP has been the subject of several research reports. Citigroup lowered their target price on Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Mizuho reduced their target price on shares of Plains GP from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 20th. Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Barclays cut their price target on Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research note on Thursday, April 10th. Finally, Raymond James increased their price target on Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Plains GP currently has an average rating of “Moderate Buy” and an average price target of $20.71.

Plains GP Stock Performance

Shares of PAGP stock opened at $17.81 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market cap of $3.52 billion, a PE ratio of 33.60 and a beta of 0.68. The stock has a 50-day moving average of $18.97 and a 200-day moving average of $19.70. Plains GP Holdings, L.P. has a one year low of $16.61 and a one year high of $22.31.

Plains GP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 8.53%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP’s dividend payout ratio (DPR) is 205.41%.

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.