Jennison Associates LLC Decreases Stock Holdings in Plains GP Holdings, L.P. $PAGP

Jennison Associates LLC trimmed its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 5.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,141,702 shares of the pipeline company’s stock after selling 63,335 shares during the period. Jennison Associates LLC’s holdings in Plains GP were worth $21,852,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after buying an additional 645 shares during the period. Larson Financial Group LLC purchased a new position in shares of Plains GP in the third quarter worth $46,000. Lazard Asset Management LLC increased its stake in shares of Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after buying an additional 811 shares during the period. CWM LLC increased its stake in shares of Plains GP by 159.3% in the third quarter. CWM LLC now owns 7,477 shares of the pipeline company’s stock worth $136,000 after buying an additional 4,594 shares during the period. Finally, Tred Avon Family Wealth LLC purchased a new position in Plains GP during the 3rd quarter valued at $182,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Performance

Shares of Plains GP stock opened at $23.82 on Friday. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of 44.94 and a beta of 0.50. The firm’s 50-day moving average is $23.41 and its 200 day moving average is $20.58. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $24.75. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be paid a dividend of $0.4175 per share. The ex-dividend date is Friday, May 1st. This represents a $1.67 annualized dividend and a yield of 7.0%. Plains GP’s dividend payout ratio is currently 129.46%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PAGP. Stifel Nicolaus boosted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research report on Wednesday, January 28th. Wells Fargo & Company boosted their price objective on shares of Plains GP from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, March 13th. Citigroup boosted their price objective on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Finally, Mizuho set a $23.00 price objective on shares of Plains GP in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $21.90.

Plains GP Company Profile

Plains GP Holdings, L.P. (NYSE: PAGP) serves as the general partner of Plains All American Pipeline, L.P., one of North America’s leading energy infrastructure companies. Through its ownership of a 2% general partner interest and incentive distribution rights (IDRs), Plains GP Holdings participates in the governance and cash distribution structure of a diversified portfolio of crude oil and natural gas liquids gathering, transportation, storage, and terminaling assets.

The company’s primary business activities include overseeing the strategic direction and capital allocation decisions for its affiliated midstream operations.