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

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,460,000 shares of the pipeline company’s stock after selling 265,000 shares during the quarter. Plains GP makes up about 4.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 9th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 1.75% of Plains GP worth $84,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Stephens Inc. AR grew its holdings in shares of Plains GP by 9.6% in the 1st quarter. Stephens Inc. AR now owns 257,905 shares of the pipeline company’s stock worth $6,262,000 after purchasing an additional 22,496 shares during the last quarter. Oxbow Advisors LLC increased its holdings in shares of Plains GP by 9.2% during the first quarter. Oxbow Advisors LLC now owns 390,960 shares of the pipeline company’s stock worth $9,492,000 after buying an additional 32,930 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Plains GP in the first quarter valued at approximately $329,000. Platform Technology Partners acquired a new position in shares of Plains GP in the 1st quarter worth approximately $239,000. Finally, KPP Advisory Services LLC bought a new stake in Plains GP during the 1st quarter worth approximately $227,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PAGP. Truist Financial started coverage on Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price on the stock. US Capital Advisors cut shares of Plains GP from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. The Goldman Sachs Group raised shares of Plains GP from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $18.00 to $24.00 in a research note on Wednesday, June 3rd. Zacks Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Monday, June 22nd. Finally, Mizuho boosted their price objective on shares of Plains GP from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.00.

Plains GP Price Performance

PAGP opened at $24.43 on Monday. Plains GP Holdings, L.P. has a 52 week low of $16.68 and a 52 week high of $26.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The firm has a market capitalization of $4.83 billion, a PE ratio of 46.10 and a beta of 0.45. The company has a fifty day moving average price of $24.22 and a two-hundred day moving average price of $22.57.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were issued a dividend of $0.4175 per share. The ex-dividend date was Friday, May 1st. This represents a $1.67 dividend on an annualized basis and a yield of 6.8%. Plains GP’s dividend payout ratio (DPR) is 172.16%.

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.