Cutter & CO Brokerage Inc. Sells 3,335 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Cutter & CO Brokerage Inc. cut its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,381 shares of the pipeline company’s stock after selling 3,335 shares during the quarter. Cutter & CO Brokerage Inc. owned about 0.05% of Plains GP worth $1,617,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chickasaw Capital Management LLC increased its holdings in Plains GP by 6.9% in the 4th quarter. Chickasaw Capital Management LLC now owns 6,632,388 shares of the pipeline company’s stock worth $105,787,000 after buying an additional 429,179 shares in the last quarter. Jennison Associates LLC boosted its position in Plains GP by 43.7% in the third quarter. Jennison Associates LLC now owns 4,958,406 shares of the pipeline company’s stock worth $79,930,000 after purchasing an additional 1,506,884 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its position in Plains GP by 12.4% in the third quarter. Kayne Anderson Capital Advisors LP now owns 4,871,231 shares of the pipeline company’s stock worth $78,524,000 after purchasing an additional 539,000 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Plains GP by 1.8% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,480,000 shares of the pipeline company’s stock worth $71,456,000 after purchasing an additional 77,357 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Plains GP by 88.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,772,217 shares of the pipeline company’s stock worth $60,167,000 after purchasing an additional 1,774,438 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays raised their target price on Plains GP from $16.00 to $18.00 and gave the stock an “underweight” rating in a research report on Friday, April 12th. Scotiabank started coverage on Plains GP in a research report on Monday, April 8th. They issued a “sector outperform” rating and a $23.00 target price on the stock. Citigroup lifted their price objective on Plains GP from $16.50 to $17.50 and gave the company a “neutral” rating in a research report on Friday, March 1st. UBS Group lifted their price objective on Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, The Goldman Sachs Group lifted their price objective on Plains GP from $14.50 to $16.00 and gave the company a “sell” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.55.

Plains GP Price Performance

NYSE:PAGP traded up $0.17 during trading hours on Tuesday, reaching $18.86. The stock had a trading volume of 2,121,159 shares, compared to its average volume of 2,236,509. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.98. Plains GP Holdings, L.P. has a 52 week low of $12.59 and a 52 week high of $19.77. The company has a 50 day moving average price of $17.82 and a two-hundred day moving average price of $16.64. The stock has a market capitalization of $3.72 billion, a PE ratio of 18.32 and a beta of 1.55.

Plains GP (NYSE:PAGP) last released its earnings results on Friday, February 9th. The pipeline company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.06). The company had revenue of $12.70 billion for the quarter, compared to the consensus estimate of $12.88 billion. Plains GP had a net margin of 0.41% and a return on equity of 1.33%. As a group, sell-side analysts anticipate that Plains GP Holdings, L.P. will post 1.04 earnings per share for the current fiscal year.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date of this dividend is Tuesday, April 30th. Plains GP’s dividend payout ratio (DPR) is currently 124.51%.

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.