Plains GP Holdings, L.P. $PAGP Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 3,585,000 shares of the pipeline company’s stock after purchasing an additional 42,000 shares during the period. Plains GP comprises approximately 3.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 11th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Plains GP were worth $65,390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PAGP. Kesler Norman & Wride LLC increased its position in Plains GP by 1.3% during the 2nd quarter. Kesler Norman & Wride LLC now owns 48,882 shares of the pipeline company’s stock worth $950,000 after purchasing an additional 618 shares during the period. Stephens Inc. AR boosted its stake in shares of Plains GP by 0.3% in the second quarter. Stephens Inc. AR now owns 223,570 shares of the pipeline company’s stock valued at $4,344,000 after buying an additional 739 shares in the last quarter. Baker Avenue Asset Management LP grew its holdings in Plains GP by 8.2% during the second quarter. Baker Avenue Asset Management LP now owns 10,278 shares of the pipeline company’s stock worth $200,000 after acquiring an additional 778 shares during the period. Founders Capital Management raised its position in Plains GP by 1.2% in the second quarter. Founders Capital Management now owns 67,202 shares of the pipeline company’s stock worth $1,306,000 after acquiring an additional 797 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in Plains GP by 36.5% in the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after acquiring an additional 811 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 18th. Barclays decreased their price objective on shares of Plains GP from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Tuesday, October 7th. Morgan Stanley increased their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Zacks Research upgraded shares of Plains GP from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Finally, Raymond James Financial lowered their price target on Plains GP from $24.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Friday, October 24th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.43.

Plains GP Stock Performance

Shares of PAGP opened at $19.05 on Wednesday. Plains GP Holdings, L.P. has a 12-month low of $16.60 and a 12-month high of $22.31. The stock has a market cap of $3.77 billion, a P/E ratio of 35.94 and a beta of 0.57. 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 company has a 50-day moving average of $18.21 and a two-hundred day moving average of $18.64.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were paid a $0.38 dividend. 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%.

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.