Plains GP Holdings, L.P. $PAGP is CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s 8th Largest Position

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 3.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,725,000 shares of the pipeline company’s stock after purchasing an additional 140,000 shares during the quarter. Plains GP makes up about 4.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 8th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains GP were worth $71,296,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Plains GP by 56.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 645 shares in the last quarter. Larson Financial Group LLC purchased a new position in shares of Plains GP during the 3rd quarter valued at approximately $46,000. Lazard Asset Management LLC increased its holdings in shares of Plains GP by 36.5% during the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 811 shares in the last quarter. CWM LLC increased its holdings in shares of Plains GP by 159.3% during the 3rd quarter. CWM LLC now owns 7,477 shares of the pipeline company’s stock valued at $136,000 after purchasing an additional 4,594 shares in the last quarter. Finally, First Foundation Advisors purchased a new position in shares of Plains GP during the 3rd quarter valued at approximately $182,000. 88.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Plains GP from $22.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, March 18th. Mizuho set a $23.00 target price on shares of Plains GP in a report on Friday, January 23rd. Barclays lifted their target price on shares of Plains GP from $18.00 to $21.00 and gave the company an “underweight” rating in a report on Friday, April 10th. Citigroup lifted their target price on shares of Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Finally, Truist Financial initiated coverage on shares of Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.90.

Plains GP Price Performance

Shares of NYSE PAGP opened at $22.69 on Friday. The firm has a market cap of $4.49 billion, a PE ratio of 42.81 and a beta of 0.50. The firm has a fifty day moving average of $23.06 and a 200 day moving average of $20.22. 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 Holdings, L.P. has a one year low of $16.68 and a one year high of $24.75.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 1st will be issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend is Friday, May 1st. Plains GP’s payout ratio is presently 129.46%.

Plains GP 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.