Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC reduced its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 0.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,171,460 shares of the pipeline company’s stock after selling 46,570 shares during the period. Plains GP comprises about 6.7% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 9th biggest position. Chickasaw Capital Management LLC owned 4.13% of Plains GP worth $174,542,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd boosted its stake in Plains GP by 144.2% in the fourth quarter. Plato Investment Management Ltd now owns 35,812 shares of the pipeline company’s stock worth $661,000 after purchasing an additional 21,146 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in Plains GP during the 4th quarter worth about $380,000. Leisure Capital Management acquired a new position in Plains GP during the 4th quarter worth about $931,000. Northern Trust Corp grew its holdings in Plains GP by 27.2% during the 4th quarter. Northern Trust Corp now owns 80,964 shares of the pipeline company’s stock worth $1,488,000 after acquiring an additional 17,333 shares during the last quarter. Finally, Bank of Montreal Can increased its position in 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 acquiring an additional 11,541 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Mizuho decreased their price target 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. Barclays dropped their target price 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. Morgan Stanley raised their price target on Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, March 25th. Citigroup dropped their price objective on Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Finally, Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.71.

Plains GP Price Performance

Plains GP stock opened at $17.86 on Tuesday. 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 firm has a market capitalization of $3.53 billion, a P/E ratio of 33.70 and a beta of 0.68. The business has a 50-day moving average of $18.60 and a 200-day moving average of $19.69. Plains GP Holdings, L.P. has a 1 year low of $16.61 and a 1 year high of $22.31.

Plains GP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.51%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP’s payout ratio is presently 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.