Townsquare Capital LLC Sells 1,723 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Townsquare Capital LLC trimmed its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 2.9% during the 4th quarter, HoldingsChannel reports. The fund owned 58,275 shares of the pipeline company’s stock after selling 1,723 shares during the quarter. Townsquare Capital LLC’s holdings in Plains GP were worth $1,071,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its stake in Plains GP by 17.1% in the 3rd quarter. State Street Corp now owns 640,918 shares of the pipeline company’s stock worth $11,857,000 after purchasing an additional 93,643 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Plains GP by 2.3% in the third quarter. Geode Capital Management LLC now owns 156,635 shares of the pipeline company’s stock worth $2,898,000 after buying an additional 3,582 shares in the last quarter. Sfmg LLC grew its holdings in shares of Plains GP by 87.6% during the third quarter. Sfmg LLC now owns 75,489 shares of the pipeline company’s stock valued at $1,397,000 after buying an additional 35,240 shares during the last quarter. Chickasaw Capital Management LLC increased its position in shares of Plains GP by 24.7% during the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after acquiring an additional 1,629,008 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in Plains GP by 16.7% in the 4th quarter. 180 Wealth Advisors LLC now owns 14,000 shares of the pipeline company’s stock worth $257,000 after acquiring an additional 2,000 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on PAGP. Raymond James increased their target price on Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 28th. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Friday, January 10th. Morgan Stanley upped their target price on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 25th. StockNews.com lowered shares of Plains GP from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Finally, Barclays lowered their price objective on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.83.

Plains GP Stock Performance

PAGP opened at $18.93 on Friday. The company’s 50 day moving average is $20.47 and its 200 day moving average is $19.67. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 35.72 and a beta of 1.11. Plains GP Holdings, L.P. has a 12-month low of $16.61 and a 12-month high of $22.31.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $0.38 dividend. The ex-dividend date is Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 8.03%. Plains GP’s dividend payout ratio (DPR) is 286.79%.

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.