Bayforest Capital Ltd Has $256,000 Stock Holdings in Plains GP Holdings, L.P. $PAGP

Bayforest Capital Ltd lowered its stake in Plains GP Holdings, L.P. (NYSE:PAGP) by 64.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,386 shares of the pipeline company’s stock after selling 24,603 shares during the quarter. Bayforest Capital Ltd’s holdings in Plains GP were worth $256,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Energy Income Partners LLC increased its position in shares of Plains GP by 1.0% during the third quarter. Energy Income Partners LLC now owns 10,196,673 shares of the pipeline company’s stock worth $185,987,000 after acquiring an additional 102,916 shares in the last quarter. Invesco Ltd. increased its position in shares of Plains GP by 1.5% during the third quarter. Invesco Ltd. now owns 4,386,299 shares of the pipeline company’s stock worth $80,006,000 after acquiring an additional 66,695 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Plains GP by 3.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,725,000 shares of the pipeline company’s stock worth $71,296,000 after acquiring an additional 140,000 shares in the last quarter. Advisors Capital Management LLC increased its position in shares of Plains GP by 4.0% during the third quarter. Advisors Capital Management LLC now owns 2,666,859 shares of the pipeline company’s stock worth $48,644,000 after acquiring an additional 101,512 shares in the last quarter. Finally, Pathstone Holdings LLC increased its position in shares of Plains GP by 227.5% during the third quarter. Pathstone Holdings LLC now owns 2,055,395 shares of the pipeline company’s stock worth $37,490,000 after acquiring an additional 1,427,743 shares in the last quarter. Institutional investors and hedge funds own 88.30% of the company’s stock.

Plains GP Price Performance

NYSE:PAGP opened at $22.69 on Monday. Plains GP Holdings, L.P. has a 1-year low of $16.68 and a 1-year high of $24.75. 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 firm has a fifty day simple moving average of $23.06 and a 200 day simple moving average of $20.23. The stock has a market capitalization of $4.49 billion, a PE ratio of 42.81 and a beta of 0.50.

Plains GP Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend is Friday, May 1st. Plains GP’s payout ratio is 129.46%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PAGP. Morgan Stanley increased their price objective on shares of Plains GP from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 18th. Bank of America downgraded shares of Plains GP from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a research report on Wednesday, January 28th. Citigroup increased their price objective on shares of Plains GP from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Zacks Research cut shares of Plains GP from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Finally, Mizuho set a $23.00 price target on shares of Plains GP in a research note on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $21.90.

Plains GP Company 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.