Exchange Traded Concepts LLC Decreases Holdings in Plains GP Holdings, L.P. (NYSE:PAGP)

Exchange Traded Concepts LLC decreased its holdings in Plains GP Holdings, L.P. (NYSE:PAGP) by 0.7% in the first quarter, Holdings Channel.com reports. The firm owned 217,294 shares of the pipeline company’s stock after selling 1,515 shares during the period. Exchange Traded Concepts LLC’s holdings in Plains GP were worth $4,641,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its stake in Plains GP by 61.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,363 shares of the pipeline company’s stock worth $25,000 after purchasing an additional 520 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Plains GP in the fourth quarter worth about $44,000. Farther Finance Advisors LLC increased its holdings in shares of Plains GP by 8,120.7% in the fourth quarter. Farther Finance Advisors LLC now owns 2,384 shares of the pipeline company’s stock worth $44,000 after buying an additional 2,355 shares during the period. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Plains GP by 1,000.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 4,400 shares of the pipeline company’s stock valued at $81,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Atala Financial Inc purchased a new stake in Plains GP during the 4th quarter valued at about $90,000. Institutional investors own 88.30% of the company’s stock.

Plains GP Stock Up 1.1%

Shares of NYSE:PAGP opened at $19.20 on Monday. The firm has a market capitalization of $3.80 billion, a P/E ratio of 36.23 and a beta of 0.63. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a 50 day moving average price of $18.32 and a 200-day moving average price of $19.66. Plains GP Holdings, L.P. has a 52-week low of $16.61 and a 52-week high of $22.31.

Plains GP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 7.92%. The ex-dividend date of this dividend was Thursday, May 1st. Plains GP’s dividend payout ratio is currently 205.41%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PAGP shares. Wall Street Zen raised Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Mizuho dropped their price target on shares of Plains GP from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, May 20th. Barclays cut their price target on shares of Plains GP from $19.00 to $18.00 and set an “underweight” rating on the stock in a report on Thursday, April 10th. Citigroup lowered their price objective on shares of Plains GP from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Morgan Stanley raised their target price on Plains GP from $19.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $20.71.

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.