Cambria Investment Management L.P. Has $9.72 Million Position in Plains GP Holdings, L.P. $PAGP

Cambria Investment Management L.P. cut its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 6.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 532,922 shares of the pipeline company’s stock after selling 37,772 shares during the quarter. Cambria Investment Management L.P. owned 0.27% of Plains GP worth $9,720,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PAGP. Cibc World Market Inc. grew its holdings in Plains GP by 3.8% during the third quarter. Cibc World Market Inc. now owns 16,229 shares of the pipeline company’s stock valued at $296,000 after purchasing an additional 597 shares during the period. Arkadios Wealth Advisors raised its holdings in Plains GP by 0.8% in the third quarter. Arkadios Wealth Advisors now owns 75,889 shares of the pipeline company’s stock worth $1,384,000 after purchasing an additional 631 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Plains GP by 56.8% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,781 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 645 shares during the period. Creative Planning boosted its position in shares of Plains GP by 5.1% during the third quarter. Creative Planning now owns 15,192 shares of the pipeline company’s stock worth $277,000 after purchasing an additional 742 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its position in shares of Plains GP by 5.7% during the third quarter. Navellier & Associates Inc. now owns 14,275 shares of the pipeline company’s stock worth $260,000 after purchasing an additional 775 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Down 0.3%

Shares of Plains GP stock opened at $23.33 on Thursday. The business’s 50 day simple moving average is $21.59 and its 200 day simple moving average is $19.42. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $24.00. The firm has a market cap of $4.62 billion, a PE ratio of 44.02 and a beta of 0.56. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend was Friday, January 30th. Plains GP’s dividend payout ratio (DPR) is currently 129.46%.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of recent analyst reports. Bank of America cut shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Mizuho set a $23.00 target price on Plains GP in a report on Friday, January 23rd. Citigroup boosted their target price on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Barclays increased their price target on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Finally, Zacks Research lowered Plains GP from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $21.44.

Plains GP Company 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.