Founders Capital Management Sells 23,925 Shares of Plains GP Holdings, L.P. $PAGP

Founders Capital Management reduced its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 19.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,333 shares of the pipeline company’s stock after selling 23,925 shares during the period. Plains GP comprises approximately 1.0% of Founders Capital Management’s investment portfolio, making the stock its 23rd largest position. Founders Capital Management’s holdings in Plains GP were worth $1,882,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pathstone Holdings LLC lifted its position in shares of Plains GP by 227.5% in the 3rd quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after purchasing an additional 1,427,743 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in shares of Plains GP during the third quarter worth $9,629,000. Chickasaw Capital Management LLC raised its stake in Plains GP by 5.9% during the third quarter. Chickasaw Capital Management LLC now owns 8,832,780 shares of the pipeline company’s stock worth $161,110,000 after buying an additional 494,259 shares during the last quarter. Bank of America Corp DE lifted its holdings in Plains GP by 36.4% in the third quarter. Bank of America Corp DE now owns 1,750,236 shares of the pipeline company’s stock valued at $31,924,000 after buying an additional 466,773 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in Plains GP by 46.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,446,983 shares of the pipeline company’s stock valued at $26,393,000 after acquiring an additional 456,426 shares during the last quarter. 88.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PAGP shares. Truist Financial initiated coverage on Plains GP in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target for the company. Stifel Nicolaus upped their target price on Plains GP from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Zacks Research cut Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Barclays lifted their target price on Plains GP from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Monday, February 9th. Finally, Citigroup boosted their price target on Plains GP from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.60.

Plains GP Price Performance

Shares of NYSE PAGP opened at $24.28 on Wednesday. The firm’s 50-day moving average price is $22.30 and its 200-day moving average price is $19.76. Plains GP Holdings, L.P. has a 1-year low of $16.60 and a 1-year high of $24.75. The firm has a market capitalization of $4.81 billion, a P/E ratio of 45.81 and a beta of 0.56. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $0.4175 dividend. The ex-dividend date was Friday, January 30th. This represents a $1.67 annualized dividend and a yield of 6.9%. Plains GP’s dividend payout ratio is presently 129.46%.

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.