Cinctive Capital Management LP Acquires Shares of 45,551 Plains GP Holdings, L.P. $PAGP

Cinctive Capital Management LP bought a new position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 45,551 shares of the pipeline company’s stock, valued at approximately $831,000.

Other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA increased its stake in Plains GP by 2.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,117,959 shares of the pipeline company’s stock valued at $196,592,000 after purchasing an additional 247,365 shares in the last quarter. Caprock Group LLC bought a new position in shares of Plains GP in the third quarter valued at $3,088,000. Chickasaw Capital Management LLC grew its holdings in shares of Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock valued at $161,110,000 after buying an additional 494,259 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Plains GP by 75.3% during the second quarter. Osaic Holdings Inc. now owns 291,320 shares of the pipeline company’s stock valued at $5,661,000 after buying an additional 125,169 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC increased its position in shares of Plains GP by 16.8% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 800,863 shares of the pipeline company’s stock worth $14,608,000 after acquiring an additional 115,020 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Plains GP Stock Performance

Shares of PAGP stock opened at $23.08 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The firm has a 50-day moving average of $21.42 and a 200-day moving average of $19.36. Plains GP Holdings, L.P. has a one year low of $16.60 and a one year high of $24.00. The company has a market cap of $4.57 billion, a P/E ratio of 43.55 and a beta of 0.56.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date was Friday, January 30th. Plains GP’s payout ratio is presently 129.46%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PAGP. Barclays upped their target price on shares of Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Wells Fargo & Company boosted their price objective on Plains GP from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research note on Wednesday, January 28th. Stifel Nicolaus raised their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, March 6th. Finally, Zacks Research cut Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $21.22.

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.