BROOKFIELD Corp ON Sells 43,830 Shares of Plains GP Holdings, L.P. $PAGP

BROOKFIELD Corp ON trimmed its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 64.2% during the first quarter, HoldingsChannel reports. The fund owned 24,414 shares of the pipeline company’s stock after selling 43,830 shares during the quarter. BROOKFIELD Corp ON’s holdings in Plains GP were worth $521,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its holdings in Plains GP by 233.1% during the 1st quarter. Golden State Wealth Management LLC now owns 5,995 shares of the pipeline company’s stock worth $128,000 after acquiring an additional 4,195 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Plains GP during the 1st quarter worth approximately $135,000. McIlrath & Eck LLC bought a new stake in Plains GP during the 4th quarter worth approximately $166,000. GAMMA Investing LLC grew its holdings in Plains GP by 2,252.7% during the 1st quarter. GAMMA Investing LLC now owns 8,352 shares of the pipeline company’s stock worth $178,000 after acquiring an additional 7,997 shares during the last quarter. Finally, State of Wyoming grew its holdings in Plains GP by 192.3% during the 1st quarter. State of Wyoming now owns 8,311 shares of the pipeline company’s stock worth $178,000 after acquiring an additional 5,468 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PAGP has been the topic of a number of research reports. Wolfe Research reissued a “peer perform” rating on shares of Plains GP in a report on Friday, July 25th. Morgan Stanley reduced their target price on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. JPMorgan Chase & Co. upped their price objective on shares of Plains GP from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. Mizuho upped their price objective on shares of Plains GP from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.50.

Plains GP Trading Up 0.3%

NYSE:PAGP opened at $18.64 on Friday. The firm’s fifty day moving average is $19.24 and its 200-day moving average is $19.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31. The firm has a market cap of $3.69 billion, a P/E ratio of 35.17 and a beta of 0.76.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 8.2%. Plains GP’s dividend payout ratio is currently 220.29%.

Plains GP 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.