CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Position in Plains GP Holdings, L.P. $PAGP

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,585,000 shares of the pipeline company’s stock after purchasing an additional 42,000 shares during the period. Plains GP accounts for about 3.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 11th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 1.81% of Plains GP worth $65,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Huntington National Bank acquired a new position in shares of Plains GP in the 2nd quarter valued at $31,000. Caitong International Asset Management Co. Ltd lifted its position in 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 last quarter. Ameritas Advisory Services LLC acquired a new position in Plains GP in the second quarter valued at $51,000. CWM LLC boosted its stake in Plains GP by 394.5% in the second 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 in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Plains GP by 36.5% during the second quarter. Lazard Asset Management LLC now owns 3,030 shares of the pipeline company’s stock worth $58,000 after purchasing an additional 811 shares during the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

PAGP has been the subject of several research reports. 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. 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. Zacks Research upgraded shares of Plains GP from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. cut their target price on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 18th. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Plains GP Trading Up 1.3%

Shares of PAGP stock opened at $19.05 on Wednesday. The company has a market capitalization of $3.77 billion, a P/E ratio of 35.94 and a beta of 0.57. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average is $18.21 and its two-hundred day moving average is $18.64. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend was Friday, October 31st. Plains GP’s payout ratio is currently 163.44%.

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.