Westwood Holdings Group Inc. Has $308,000 Position in Plains GP Holdings, L.P. $PAGP

Westwood Holdings Group Inc. cut its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 99.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 15,828 shares of the pipeline company’s stock after selling 3,664,283 shares during the period. Westwood Holdings Group Inc.’s holdings in Plains GP were worth $308,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PAGP. Huntington National Bank acquired a new position in shares of Plains GP in the second quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd boosted 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 buying an additional 1,580 shares during the period. Ameritas Advisory Services LLC bought a new stake in Plains GP during the 2nd quarter worth approximately $51,000. CWM LLC grew its holdings 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 last quarter. Finally, Allworth Financial LP increased its position in Plains GP by 43.2% in the 2nd quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock valued at $68,000 after acquiring an additional 1,051 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Price Performance

PAGP stock opened at $17.76 on Tuesday. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 33.51 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31. The company’s fifty day simple moving average is $17.83 and its 200 day simple moving average is $18.54.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.6%. Plains GP’s dividend payout ratio (DPR) is 163.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 18th. Raymond James Financial lowered their target price on 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. Morgan Stanley cut their target price on Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. Barclays reduced their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 7th. Finally, Wolfe Research restated a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.13.

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.