State of New Jersey Common Pension Fund D Sells 1,495 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

State of New Jersey Common Pension Fund D decreased its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,581 shares of the pipeline company’s stock after selling 1,495 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of Plains GP worth $1,916,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers grew its stake in shares of Plains GP by 644.7% in the 1st quarter. Cetera Investment Advisers now owns 154,961 shares of the pipeline company’s stock worth $2,828,000 after acquiring an additional 134,153 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of Plains GP in the 1st quarter worth $1,669,000. Bahl & Gaynor Inc. grew its stake in shares of Plains GP by 82.7% in the 1st quarter. Bahl & Gaynor Inc. now owns 921,467 shares of the pipeline company’s stock worth $16,817,000 after acquiring an additional 417,031 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Plains GP in the 2nd quarter worth $566,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Plains GP by 1.2% in 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 acquiring an additional 53,000 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

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

Plains GP Price Performance

NYSE PAGP opened at $18.23 on Monday. The company has a market cap of $3.60 billion, a PE ratio of 21.45 and a beta of 1.54. Plains GP Holdings, L.P. has a 52 week low of $14.93 and a 52 week high of $20.10. 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 firm’s 50-day simple moving average is $18.43 and its two-hundred day simple moving average is $18.56.

Plains GP Announces Dividend

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

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.