Bayforest Capital Ltd Sells 6,129 Shares of Plains GP Holdings, L.P. $PAGP

Bayforest Capital Ltd trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 17.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,924 shares of the pipeline company’s stock after selling 6,129 shares during the quarter. Bayforest Capital Ltd’s holdings in Plains GP were worth $581,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameritas Advisory Services LLC bought a new stake in shares of Plains GP during the second quarter worth $51,000. CWM LLC lifted its position in shares of Plains GP by 394.5% during the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after purchasing an additional 2,300 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of Plains GP by 233.1% during the first quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company’s stock worth $128,000 after purchasing an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Plains GP during the first quarter valued at $135,000. Finally, GAMMA Investing LLC increased its stake in shares of Plains GP by 2,252.7% during the first quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company’s stock valued at $178,000 after buying an additional 7,997 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Plains GP Price Performance

PAGP opened at $16.88 on Wednesday. The business’s 50-day moving average is $18.55 and its two-hundred day moving average is $18.78. Plains GP Holdings, L.P. has a 1 year low of $16.60 and a 1 year high of $22.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a market capitalization of $3.34 billion, a PE ratio of 31.85 and a beta of 0.68.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 9.0%. The ex-dividend date is Friday, October 31st. Plains GP’s payout ratio is 220.29%.

Analysts Set New Price Targets

Several brokerages have recently commented on PAGP. Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research note on Friday, July 25th. JPMorgan Chase & Co. cut their price target on Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, September 18th. Barclays cut their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 7th. Mizuho raised their price target on Plains GP from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, June 18th. Finally, Morgan Stanley cut their price target on Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.38.

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.