Plains GP Holdings, L.P. (NYSE:PAGP) Stock Holdings Lowered by Jennison Associates LLC

Jennison Associates LLC decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 49.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,378,478 shares of the pipeline company’s stock after selling 1,336,063 shares during the quarter. Jennison Associates LLC owned 0.70% of Plains GP worth $25,336,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PAGP. Hara Capital LLC acquired a new position in shares of Plains GP in the 3rd quarter worth $57,000. Eastern Bank purchased a new position in Plains GP in the 3rd quarter worth about $76,000. Continuum Advisory LLC raised its holdings in Plains GP by 10.0% during the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after buying an additional 637 shares during the period. Insigneo Advisory Services LLC purchased a new stake in Plains GP during the third quarter valued at about $188,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Plains GP in the third quarter worth about $200,000. Institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 0.4 %

Shares of NYSE PAGP opened at $21.41 on Thursday. The business has a 50 day simple moving average of $19.82 and a 200 day simple moving average of $19.05. Plains GP Holdings, L.P. has a 52 week low of $15.78 and a 52 week high of $22.31. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 25.19 and a beta of 1.58. 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 (NYSE:PAGP) last posted its earnings results on Friday, November 8th. The pipeline company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The business had revenue of $12.74 billion during the quarter, compared to the consensus estimate of $13.17 billion. During the same period in the prior year, the firm earned $0.15 earnings per share. On average, research analysts predict that Plains GP Holdings, L.P. will post 0.83 earnings per share for the current fiscal year.

Plains GP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.38 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.10%. This is a boost from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s payout ratio is currently 178.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Raymond James upped their price target on shares of Plains GP from $23.00 to $24.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company lowered Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $22.00 to $20.00 in a report on Wednesday, December 18th. Barclays lifted their price target on Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research note on Friday, January 10th. Finally, Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.60.

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.