Kayne Anderson Capital Advisors LP Lowers Position in Plains GP Holdings, L.P. $PAGP

Kayne Anderson Capital Advisors LP lessened its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 66.4% in the second quarter, HoldingsChannel.com reports. The fund owned 195,239 shares of the pipeline company’s stock after selling 386,694 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in Plains GP were worth $3,793,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Huntington National Bank purchased a new stake in Plains GP in the second quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd raised its position in shares of Plains GP by 378.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,997 shares of the pipeline company’s stock valued at $39,000 after buying an additional 1,580 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Plains GP during the 2nd quarter worth $51,000. CWM LLC grew its position in Plains GP by 394.5% in the second quarter. CWM LLC now owns 2,883 shares of the pipeline company’s stock worth $56,000 after acquiring an additional 2,300 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Plains GP by 43.2% during the second quarter. Allworth Financial LP now owns 3,484 shares of the pipeline company’s stock worth $68,000 after purchasing an additional 1,051 shares during the period. 88.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Barclays lowered their price target on Plains GP from $18.00 to $17.00 and set an “underweight” rating for the company in a research report on Tuesday, October 7th. Wolfe Research reaffirmed a “peer perform” rating on shares of Plains GP in a research report on Friday, July 25th. Morgan Stanley cut their price objective on shares of Plains GP from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Zacks Research raised shares of Plains GP from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Plains GP from $21.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.13.

Plains GP Stock Down 0.6%

PAGP opened at $17.76 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Plains GP Holdings, L.P. has a twelve month low of $16.60 and a twelve month high of $22.31. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 33.51 and a beta of 0.70. The firm has a 50 day moving average price of $17.83 and a 200-day moving average price of $18.54.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 8.6%. Plains GP’s payout ratio is presently 163.44%.

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.