Birch Capital Management LLC Lowers Stake in Plains GP Holdings, L.P. (NYSE:PAGP)


Share on StockTwits

Birch Capital Management LLC cut its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 10.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 16,119 shares of the pipeline company’s stock after selling 1,953 shares during the quarter. Birch Capital Management LLC’s holdings in Plains GP were worth $152,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Morgan Stanley raised its holdings in shares of Plains GP by 192.5% during the fourth quarter. Morgan Stanley now owns 3,028,505 shares of the pipeline company’s stock valued at $25,591,000 after purchasing an additional 1,993,143 shares during the last quarter. Jennison Associates LLC grew its position in Plains GP by 230.2% during the fourth quarter. Jennison Associates LLC now owns 1,681,094 shares of the pipeline company’s stock valued at $14,205,000 after buying an additional 1,171,905 shares during the period. Assenagon Asset Management S.A. bought a new stake in Plains GP during the fourth quarter valued at approximately $6,932,000. Point72 Asset Management L.P. bought a new stake in Plains GP during the third quarter valued at approximately $4,701,000. Finally, Schroder Investment Management Group bought a new stake in Plains GP during the fourth quarter valued at approximately $5,122,000. 78.48% of the stock is owned by institutional investors and hedge funds.

A number of research firms have weighed in on PAGP. Wolfe Research reiterated a “peer perform” rating on shares of Plains GP in a research report on Wednesday, March 17th. Morgan Stanley reissued an “equal weight” rating on shares of Plains GP in a report on Monday, March 29th. Zacks Investment Research downgraded shares of Plains GP from a “hold” rating to a “sell” rating in a report on Thursday, April 1st. Barclays reduced their target price on shares of Plains GP from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Friday, March 19th. Finally, Raymond James upped their price target on shares of Plains GP from $9.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, January 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Plains GP currently has an average rating of “Buy” and a consensus target price of $11.84.

PAGP traded down $0.33 during trading on Thursday, reaching $9.36. 25,532 shares of the company’s stock were exchanged, compared to its average volume of 3,115,836. The stock has a market capitalization of $1.82 billion, a P/E ratio of -3.54 and a beta of 2.24. Plains GP Holdings, L.P. has a 1 year low of $5.45 and a 1 year high of $12.90. The company’s fifty day simple moving average is $9.30 and its 200-day simple moving average is $8.44. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.90 and a quick ratio of 0.72.

Plains GP (NYSE:PAGP) last issued its quarterly earnings data on Monday, February 8th. The pipeline company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.33). The firm had revenue of $5.96 billion for the quarter, compared to analyst estimates of $7.23 billion. Plains GP had a positive return on equity of 12.33% and a negative net margin of 1.89%. Equities analysts forecast that Plains GP Holdings, L.P. will post 8.07 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Friday, April 30th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, April 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.69%. Plains GP’s payout ratio is 36.73%.

About Plains GP

Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. It operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment engages in the transportation of crude oil and natural gas liquids (NGLs) on pipelines, gathering systems, trucks, and barges.

Read More: Short Selling

Want to see what other hedge funds are holding PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains GP Holdings, L.P. (NYSE:PAGP).

Institutional Ownership by Quarter for Plains GP (NYSE:PAGP)

Receive News & Ratings for Plains GP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plains GP and related companies with MarketBeat.com's FREE daily email newsletter.