Callodine Capital Management LP Invests $4.66 Million in Plains GP Holdings, L.P. $PAGP

Callodine Capital Management LP bought a new stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 240,000 shares of the pipeline company’s stock, valued at approximately $4,663,000.

Several other hedge funds have also bought and sold shares of the stock. Huntington National Bank bought a new position in shares of Plains GP in the second quarter worth about $31,000. Caitong International Asset Management Co. Ltd increased its holdings in Plains GP by 378.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Plains GP in the 2nd quarter worth approximately $51,000. CWM LLC raised its stake in Plains GP by 394.5% during the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after acquiring an additional 2,300 shares during the period. Finally, Allworth Financial LP lifted its holdings in Plains GP by 43.2% during the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock valued at $68,000 after purchasing an additional 1,051 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Down 0.1%

Shares of PAGP stock opened at $18.89 on Friday. The stock has a market cap of $3.74 billion, a P/E ratio of 35.64 and a beta of 0.57. Plains GP Holdings, L.P. has a 52 week low of $16.60 and a 52 week high of $22.31. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company’s fifty day simple moving average is $17.78 and its two-hundred day simple moving average is $18.56.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.52 dividend on an annualized basis and a yield of 8.0%. Plains GP’s dividend payout ratio is presently 163.44%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PAGP shares. Raymond James Financial reduced their price objective on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Friday, October 24th. Barclays cut their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, October 7th. JPMorgan Chase & Co. decreased their price target on Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 18th. Zacks Research upgraded Plains GP from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Morgan Stanley increased their target price on Plains GP from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Plains GP has a consensus rating of “Hold” and an average target price of $20.38.

Plains GP Company 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.