Arizona State Retirement System Trims Stock Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Arizona State Retirement System cut its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,615 shares of the pipeline company’s stock after selling 605 shares during the period. Arizona State Retirement System’s holdings in Plains GP were worth $1,209,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Tortoise Capital Advisors L.L.C. raised its position in shares of Plains GP by 8.0% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 12,513,005 shares of the pipeline company’s stock worth $229,989,000 after purchasing an additional 927,855 shares during the last quarter. Algert Global LLC raised its holdings in shares of Plains GP by 781.8% in the 4th quarter. Algert Global LLC now owns 772,966 shares of the pipeline company’s stock worth $14,207,000 after purchasing an additional 685,307 shares during the period. Clearbridge Investments LLC lifted its position in Plains GP by 11.7% during the fourth quarter. Clearbridge Investments LLC now owns 6,152,201 shares of the pipeline company’s stock valued at $113,077,000 after buying an additional 646,130 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Plains GP by 31.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,036,816 shares of the pipeline company’s stock valued at $37,436,000 after acquiring an additional 482,213 shares in the last quarter. Finally, Voleon Capital Management LP acquired a new position in shares of Plains GP during the fourth quarter worth about $7,418,000. 88.30% of the stock is owned by institutional investors and hedge funds.

Plains GP Price Performance

Plains GP stock opened at $20.01 on Friday. The business’s fifty day moving average is $18.88 and its two-hundred day moving average is $19.76. 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 cap of $3.96 billion, a P/E ratio of 37.76 and a beta of 0.65. Plains GP Holdings, L.P. has a 52 week low of $16.61 and a 52 week high of $22.31.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.52 annualized dividend and a yield of 7.60%. Plains GP’s dividend payout ratio is currently 205.41%.

Analysts Set New Price Targets

Several research analysts recently commented on PAGP shares. Mizuho boosted their price target on Plains GP from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 18th. Morgan Stanley lifted their price target on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, March 25th. Citigroup cut their target price on Plains GP from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. JPMorgan Chase & Co. upped their price target on shares of Plains GP from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 18th. Finally, Wall Street Zen raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Plains GP currently has a consensus rating of “Hold” and a consensus target price of $20.88.

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.