Plains GP Holdings, L.P. $PAGP Shares Sold by Recurrent Investment Advisors LLC

Recurrent Investment Advisors LLC decreased its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 12.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,124,947 shares of the pipeline company’s stock after selling 307,850 shares during the period. Plains GP accounts for 3.1% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 14th largest position. Recurrent Investment Advisors LLC’s holdings in Plains GP were worth $51,369,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pathstone Holdings LLC grew its stake in Plains GP by 227.5% during the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after buying an additional 1,427,743 shares during the last quarter. Bank of America Corp DE lifted its stake in Plains GP by 36.4% in the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after buying an additional 466,773 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Plains GP by 46.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after buying an additional 456,426 shares during the last quarter. Engineers Gate Manager LP boosted its holdings in shares of Plains GP by 510.6% during the fourth quarter. Engineers Gate Manager LP now owns 519,600 shares of the pipeline company’s stock valued at $9,945,000 after acquiring an additional 434,499 shares during the period. Finally, Miller Howard Investments Inc. NY boosted its holdings in shares of Plains GP by 25.8% during the first quarter. Miller Howard Investments Inc. NY now owns 1,421,518 shares of the pipeline company’s stock valued at $34,514,000 after acquiring an additional 291,397 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PAGP. US Capital Advisors cut shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Barclays boosted their target price on shares of Plains GP from $21.00 to $23.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. Truist Financial upped their target price on shares of Plains GP from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. The Goldman Sachs Group upgraded shares of Plains GP from a “sell” rating to a “neutral” rating and raised their price target for the company from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Finally, Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $23.36.

Plains GP Trading Up 0.7%

NYSE:PAGP opened at $26.27 on Wednesday. Plains GP Holdings, L.P. has a 1 year low of $16.68 and a 1 year high of $26.65. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 49.57 and a beta of 0.45. The business has a fifty day moving average of $24.77 and a 200-day moving average of $23.35. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.67 annualized dividend and a yield of 6.4%. Plains GP’s dividend payout ratio is presently 172.16%.

Plains GP 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.