Plains GP Holdings, L.P. (NYSE:PAGP) Shares Sold by ING Groep NV

ING Groep NV lowered its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 25.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 232,000 shares of the pipeline company’s stock after selling 78,000 shares during the period. ING Groep NV owned approximately 0.12% of Plains GP worth $4,292,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers increased its position in Plains GP by 644.7% during the 1st quarter. Cetera Investment Advisers now owns 154,961 shares of the pipeline company’s stock worth $2,828,000 after purchasing an additional 134,153 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Plains GP in the 1st quarter valued at $1,669,000. Bahl & Gaynor Inc. lifted its holdings in shares of 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 acquiring an additional 417,031 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Plains GP during the 2nd quarter worth $566,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Plains GP by 1.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock worth $80,900,000 after purchasing an additional 53,000 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Price Performance

PAGP stock opened at $18.23 on Friday. The company has a market capitalization of $3.60 billion, a PE ratio of 21.45 and a beta of 1.54. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock’s 50 day moving average is $18.44 and its two-hundred day moving average is $18.56. Plains GP Holdings, L.P. has a 52-week low of $14.93 and a 52-week high of $20.10.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.3175 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.27 dividend on an annualized basis and a yield of 6.97%. Plains GP’s dividend payout ratio (DPR) is 149.41%.

Analyst Ratings Changes

A number of research analysts have commented on PAGP shares. Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $22.00 to $19.00 in a research note on Friday, October 25th. StockNews.com raised Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Wolfe Research upgraded Plains GP to a “hold” rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.88.

Plains GP Company 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.