Entropy Technologies LP Lowers Stake in Plains GP Holdings, L.P. (NYSE:PAGP)

Entropy Technologies LP trimmed its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 25.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,626 shares of the pipeline company’s stock after selling 12,426 shares during the quarter. Entropy Technologies LP’s holdings in Plains GP were worth $655,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Plains GP during the 4th quarter worth approximately $33,000. Hara Capital LLC purchased a new stake in Plains GP during the third quarter worth approximately $57,000. Eastern Bank acquired a new stake in shares of Plains GP in the third quarter worth $76,000. Continuum Advisory LLC raised its stake in shares of Plains GP by 10.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock valued at $127,000 after acquiring an additional 637 shares during the period. Finally, F&V Capital Management LLC acquired a new position in shares of Plains GP during the 4th quarter valued at $153,000. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PAGP shares. Wolfe Research upgraded Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Friday, January 10th. StockNews.com lowered Plains GP from a “buy” rating to a “hold” rating in a research note on Monday. Raymond James boosted their price target on Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company downgraded shares of Plains GP from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Finally, Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.60.

Plains GP Price Performance

PAGP opened at $20.93 on Wednesday. The company has a market capitalization of $4.13 billion, a P/E ratio of 24.62 and a beta of 1.58. The company has a 50-day moving average of $19.93 and a 200-day moving average of $19.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. Plains GP Holdings, L.P. has a 1-year low of $16.22 and a 1-year high of $22.31.

Plains GP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, January 31st. This represents a $1.52 annualized dividend and a yield of 7.26%. This is a boost from Plains GP’s previous quarterly dividend of $0.32. Plains GP’s dividend payout ratio is presently 178.82%.

About Plains GP

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.