Plains GP Holdings, L.P. (NYSE:PAGP) Position Reduced by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC cut its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 26.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 940,002 shares of the pipeline company’s stock after selling 344,055 shares during the quarter. Cbre Investment Management Listed Real Assets LLC owned 0.48% of Plains GP worth $17,277,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PAGP. Chickasaw Capital Management LLC increased its holdings in shares of Plains GP by 24.7% in the 4th quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the period. Thompson Siegel & Walmsley LLC bought a new stake in shares of Plains GP in the third quarter valued at approximately $13,848,000. Yaupon Capital Management LP acquired a new stake in Plains GP during the third quarter worth $9,772,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Plains GP during the third quarter worth $4,013,000. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Plains GP by 114.8% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 370,496 shares of the pipeline company’s stock valued at $6,810,000 after acquiring an additional 198,000 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Performance

Shares of PAGP opened at $20.60 on Wednesday. Plains GP Holdings, L.P. has a 12 month low of $17.17 and a 12 month high of $22.31. The stock has a fifty day moving average price of $20.66 and a 200-day moving average price of $19.39. 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 firm has a market cap of $4.07 billion, a PE ratio of 38.87 and a beta of 1.58.

Plains GP Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.38 per share. This is an increase from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 annualized dividend and a yield of 7.38%. The ex-dividend date of this dividend was Friday, January 31st. Plains GP’s dividend payout ratio (DPR) is currently 286.79%.

Wall Street Analyst Weigh In

Several analysts have weighed in on PAGP shares. Wells Fargo & Company cut Plains GP from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, December 18th. Wolfe Research raised Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Friday, January 10th. Barclays upped their price objective on Plains GP from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. StockNews.com lowered Plains GP from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Raymond James raised their price objective 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.60.

About Plains GP

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.