Plains GP Holdings, L.P. $PAGP Holdings Lifted by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,832,780 shares of the pipeline company’s stock after acquiring an additional 494,259 shares during the period. Plains GP accounts for approximately 6.6% of Chickasaw Capital Management LLC’s portfolio, making the stock its 8th largest position. Chickasaw Capital Management LLC owned approximately 4.47% of Plains GP worth $161,110,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Huntington National Bank purchased a new position in Plains GP during the 2nd quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Plains GP by 378.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 1,580 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Plains GP during the second quarter worth approximately $51,000. CWM LLC increased its holdings in shares of Plains GP by 394.5% in the 2nd quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock valued at $56,000 after acquiring an additional 2,300 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in shares of Plains GP by 36.5% in the 2nd quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock valued at $58,000 after acquiring an additional 811 shares during the period. Institutional investors and hedge funds own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of recent research reports. Raymond James Financial decreased their price target on shares of Plains GP from $24.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Friday, October 24th. Zacks Research upgraded shares of Plains GP from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. Barclays reduced their price objective on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, October 7th. JPMorgan Chase & Co. decreased their price objective on Plains GP from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 18th. Finally, Morgan Stanley boosted their target price on Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.43.

Plains GP Trading Up 1.1%

NYSE PAGP opened at $18.89 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $3.74 billion, a P/E ratio of 35.64 and a beta of 0.57. Plains GP Holdings, L.P. has a 52-week low of $16.60 and a 52-week high of $22.31. The firm has a 50-day moving average price of $17.89 and a 200 day moving average price of $18.62.

Plains GP Announces Dividend

The firm also recently declared 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 was Friday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.0%. Plains GP’s payout ratio is 163.44%.

Plains GP Company Profile

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.