Propel Bio Management LLC Lowers Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Propel Bio Management LLC lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 7.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,272,360 shares of the pipeline company’s stock after selling 100,000 shares during the quarter. Plains GP accounts for about 13.7% of Propel Bio Management LLC’s investment portfolio, making the stock its 2nd largest position. Propel Bio Management LLC’s holdings in Plains GP were worth $23,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Plains GP in the 3rd quarter valued at $13,848,000. Tortoise Capital Advisors L.L.C. lifted its holdings in Plains GP by 6.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock valued at $219,572,000 after purchasing an additional 703,158 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Plains GP during the second quarter worth about $11,442,000. SIR Capital Management L.P. acquired a new stake in shares of Plains GP during the second quarter worth approximately $8,849,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Plains GP in the second quarter valued at approximately $5,734,000. 88.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Plains GP Price Performance

Plains GP stock opened at $18.87 on Tuesday. The business’s 50-day simple moving average is $18.47 and its 200 day simple moving average is $18.58. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 22.20 and a beta of 1.54. Plains GP Holdings, L.P. has a 12-month low of $14.93 and a 12-month high of $20.10.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.3175 dividend. This represents a $1.27 annualized dividend and a dividend yield of 6.73%. The ex-dividend date of this dividend was Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is presently 149.41%.

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.