Clearbridge Investments LLC Lowers Holdings in Plains GP Holdings, L.P. $PAGP

Clearbridge Investments LLC decreased its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 5.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,902,032 shares of the pipeline company’s stock after selling 404,097 shares during the quarter. Clearbridge Investments LLC’s holdings in Plains GP were worth $132,105,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PAGP. Pathstone Holdings LLC raised its stake in Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock valued at $37,490,000 after buying an additional 1,427,743 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in Plains GP during the third quarter valued at $9,629,000. Bank of America Corp DE raised its stake in Plains GP by 36.4% during 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 raised its stake in Plains GP by 46.1% during 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. Finally, Callodine Capital Management LP lifted its position in Plains GP by 125.0% in the 3rd quarter. Callodine Capital Management LP now owns 540,000 shares of the pipeline company’s stock valued at $9,850,000 after acquiring an additional 300,000 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Price Performance

Shares of PAGP opened at $24.46 on Monday. 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 $4.84 billion, a PE ratio of 46.15 and a beta of 0.46. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $26.15. The firm has a fifty day simple moving average of $24.09 and a two-hundred day simple moving average of $21.81.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were paid a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Friday, May 1st. Plains GP’s dividend payout ratio is 172.16%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PAGP shares. Citigroup upped their price objective on Plains GP from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Truist Financial started coverage on Plains GP in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Zacks Research raised Plains GP from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Barclays upped their price objective on Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a research report on Friday, April 10th. Finally, The Goldman Sachs Group raised Plains GP from a “sell” rating to a “neutral” rating and upped their price objective for the company from $18.00 to $24.00 in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.64.

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.