Russell Investments Group Ltd. Sells 66,676 Shares of Plains GP Holdings, L.P. $PAGP

Russell Investments Group Ltd. reduced its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 43.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 85,828 shares of the pipeline company’s stock after selling 66,676 shares during the period. Russell Investments Group Ltd.’s holdings in Plains GP were worth $1,668,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Huntington National Bank acquired a new stake in shares of Plains GP during the second quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd grew its position in Plains GP by 378.9% during 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 during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Plains GP during the 2nd quarter valued at $51,000. CWM LLC raised its position in Plains GP by 394.5% in the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after purchasing an additional 2,300 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Plains GP by 43.2% in the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock worth $68,000 after purchasing an additional 1,051 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Plains GP Trading Up 0.9%

PAGP opened at $18.71 on Thursday. The firm has a 50 day simple moving average of $17.80 and a 200 day simple moving average of $18.58. Plains GP Holdings, L.P. has a fifty-two week low of $16.60 and a fifty-two week high of $22.31. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 35.30 and a beta of 0.57. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92.

Plains GP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 8.1%. The ex-dividend date was Friday, October 31st. Plains GP’s dividend payout ratio (DPR) is currently 163.44%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PAGP shares. 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 report on Tuesday, November 25th. Raymond James Financial lowered 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 report on Friday, October 24th. Barclays dropped their target price on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, October 7th. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.