Plains GP Holdings, L.P. (NYSE:PAGP) Stock Position Lowered by Energy Income Partners LLC

Energy Income Partners LLC lowered its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,639,417 shares of the pipeline company’s stock after selling 672,335 shares during the period. Plains GP makes up approximately 4.0% of Energy Income Partners LLC’s holdings, making the stock its 7th largest holding. Energy Income Partners LLC owned about 5.39% of Plains GP worth $194,169,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC bought a new position in Plains GP during the 1st quarter valued at approximately $697,000. Symmetry Investments LP bought a new position in Plains GP during the 4th quarter valued at approximately $1,002,000. Hennessy Advisors Inc. raised its position in Plains GP by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 1,543,100 shares of the pipeline company’s stock valued at $28,162,000 after purchasing an additional 190,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Plains GP by 25.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,712,817 shares of the pipeline company’s stock valued at $31,259,000 after purchasing an additional 344,303 shares during the last quarter. Finally, Bahl & Gaynor Inc. raised its position in Plains GP by 82.7% during the 1st quarter. Bahl & Gaynor Inc. now owns 921,467 shares of the pipeline company’s stock valued at $16,817,000 after purchasing an additional 417,031 shares during the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Stock Up 2.0 %

Shares of Plains GP stock traded up $0.38 during midday trading on Friday, hitting $19.37. The company had a trading volume of 1,643,712 shares, compared to its average volume of 1,316,599. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.88 and a current ratio of 0.97. The stock has a market capitalization of $3.82 billion, a P/E ratio of 22.01 and a beta of 1.54. The company has a 50 day moving average of $18.64 and a 200 day moving average of $17.96. Plains GP Holdings, L.P. has a 52-week low of $14.71 and a 52-week high of $20.10.

Plains GP (NYSE:PAGP) last posted its quarterly earnings results on Friday, May 3rd. The pipeline company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.05). The company had revenue of $12 billion during the quarter, compared to analysts’ expectations of $13.72 billion. Plains GP had a return on equity of 1.15% and a net margin of 0.35%. On average, equities analysts predict that Plains GP Holdings, L.P. will post 1.04 earnings per share for the current fiscal year.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be paid a $0.3175 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $1.27 annualized dividend and a dividend yield of 6.56%. Plains GP’s payout ratio is currently 144.32%.

Wall Street Analyst Weigh In

PAGP has been the subject of a number of recent analyst reports. StockNews.com lowered Plains GP from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. UBS Group upped their price target on Plains GP from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Stifel Nicolaus increased their target price on Plains GP from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. 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 for the company. Finally, The Goldman Sachs Group increased their target price on Plains GP from $14.50 to $16.00 and gave the stock a “sell” rating in a research report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Plains GP presently has a consensus rating of “Hold” and an average target price of $20.11.

About Plains GP

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.