Recurrent Investment Advisors LLC Sells 51,828 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Recurrent Investment Advisors LLC cut its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 1.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,702,744 shares of the pipeline company’s stock after selling 51,828 shares during the quarter. Plains GP comprises 4.6% of Recurrent Investment Advisors LLC’s investment portfolio, making the stock its 11th biggest holding. Recurrent Investment Advisors LLC’s holdings in Plains GP were worth $49,781,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PAGP. Jones Financial Companies Lllp lifted its position in Plains GP by 61.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock valued at $25,000 after buying an additional 520 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Plains GP in the 4th quarter worth about $33,000. Allworth Financial LP bought a new position in shares of Plains GP in the 4th quarter worth about $44,000. Farther Finance Advisors LLC lifted its position in Plains GP by 8,120.7% during the 4th quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company’s stock valued at $44,000 after acquiring an additional 2,355 shares during the period. Finally, Mark Sheptoff Financial Planning LLC boosted its stake in Plains GP by 1,000.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 4,400 shares of the pipeline company’s stock worth $81,000 after acquiring an additional 4,000 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PAGP has been the subject of a number of analyst reports. Morgan Stanley raised their target price on shares of Plains GP from $19.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 25th. Barclays lowered their price objective on Plains GP from $19.00 to $18.00 and set an “underweight” rating for the company in a research note on Thursday, April 10th. Citigroup dropped their target price on Plains GP from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday. StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a report on Wednesday, April 2nd. Finally, Raymond James lifted 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.83.

Plains GP Price Performance

Shares of NYSE PAGP opened at $18.63 on Thursday. The firm has a market cap of $3.68 billion, a P/E ratio of 35.15 and a beta of 0.68. Plains GP Holdings, L.P. has a twelve month low of $16.61 and a twelve month high of $22.31. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average of $19.46 and a 200 day moving average of $19.67.

Plains GP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 1st. This represents a $1.52 annualized dividend and a dividend yield of 8.16%. Plains GP’s dividend payout ratio (DPR) is presently 205.41%.

Plains GP Company Profile

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.