CI Investments Inc. Reduces Stake in Plains GP Holdings, L.P. $PAGP

CI Investments Inc. lessened its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 9.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 369,695 shares of the pipeline company’s stock after selling 37,858 shares during the quarter. CI Investments Inc. owned about 0.19% of Plains GP worth $6,743,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. JRM Investment Counsel LLC boosted its holdings in shares of Plains GP by 4.6% in the 3rd quarter. JRM Investment Counsel LLC now owns 229,000 shares of the pipeline company’s stock valued at $4,177,000 after acquiring an additional 10,000 shares during the last quarter. Bahl & Gaynor Inc. lifted its position in Plains GP by 3.7% during the third quarter. Bahl & Gaynor Inc. now owns 1,084,739 shares of the pipeline company’s stock valued at $19,786,000 after purchasing an additional 38,241 shares during the period. US Bancorp DE boosted its holdings in Plains GP by 17.6% in the third quarter. US Bancorp DE now owns 95,076 shares of the pipeline company’s stock valued at $1,734,000 after purchasing an additional 14,240 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in Plains GP in the third quarter valued at $304,000. Finally, Dakota Wealth Management grew its position in Plains GP by 8.5% during the 3rd quarter. Dakota Wealth Management now owns 44,684 shares of the pipeline company’s stock worth $815,000 after purchasing an additional 3,505 shares during the period. 88.30% of the stock is owned by hedge funds and other institutional investors.

Plains GP Stock Up 1.6%

Plains GP stock opened at $23.45 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.92. The stock has a market capitalization of $4.64 billion, a PE ratio of 44.25 and a beta of 0.56. The business has a 50 day simple moving average of $20.74 and a 200-day simple moving average of $19.11. Plains GP Holdings, L.P. has a 12 month low of $16.60 and a 12 month high of $23.51.

Plains GP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $0.4175 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.67 annualized dividend and a dividend yield of 7.1%. Plains GP’s dividend payout ratio (DPR) is 129.46%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PAGP shares. Mizuho set a $23.00 target price on Plains GP in a research note on Friday, January 23rd. Bank of America downgraded Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Wednesday, January 28th. Zacks Research cut shares of Plains GP from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Morgan Stanley lifted their target price on shares of Plains GP from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Finally, Citigroup increased their price target on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.63.

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.