Recurrent Investment Advisors LLC Reduces Position in Plains GP Holdings, L.P. $PAGP

Recurrent Investment Advisors LLC decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 12.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,124,947 shares of the pipeline company’s stock after selling 307,850 shares during the quarter. Plains GP makes up 3.1% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 14th biggest position. Recurrent Investment Advisors LLC owned 1.07% of Plains GP worth $51,369,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Pathstone Holdings LLC grew its stake in Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after purchasing an additional 1,427,743 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Plains GP by 36.4% during the 3rd quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after buying an additional 466,773 shares during the last quarter. Qube Research & Technologies Ltd grew its position in shares of Plains GP by 46.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock worth $26,393,000 after buying an additional 456,426 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Plains GP by 510.6% during the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock worth $9,945,000 after buying an additional 434,499 shares in the last quarter. Finally, Miller Howard Investments Inc. NY increased its stake in shares of Plains GP by 25.8% in the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock worth $34,514,000 after buying an additional 291,397 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Up 0.7%

Shares of NYSE:PAGP opened at $26.27 on Wednesday. The company’s fifty day moving average is $24.77 and its two-hundred day moving average is $23.35. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $26.65. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 49.57 and a beta of 0.45.

Plains GP Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, July 31st. Plains GP’s dividend payout ratio is currently 172.16%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Citigroup upped their price target on shares of Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 22nd. Barclays boosted their target price on shares of Plains GP from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, July 16th. The Goldman Sachs Group upgraded Plains GP from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Truist Financial upped their price objective on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Plains GP currently has a consensus rating of “Hold” and an average target price of $23.36.

About Plains GP

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.