Jennison Associates LLC Has $25.34 Million Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Jennison Associates LLC cut its position in Plains GP Holdings, L.P. (NYSE:PAGP) by 49.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,378,478 shares of the pipeline company’s stock after selling 1,336,063 shares during the quarter. Jennison Associates LLC’s holdings in Plains GP were worth $25,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Chickasaw Capital Management LLC grew its position in shares of Plains GP by 24.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 8,218,030 shares of the pipeline company’s stock valued at $151,047,000 after purchasing an additional 1,629,008 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Plains GP by 1.2% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock valued at $80,900,000 after purchasing an additional 53,000 shares during the period. BNP Paribas Financial Markets grew its holdings in Plains GP by 8.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,313,974 shares of the pipeline company’s stock valued at $24,309,000 after buying an additional 103,353 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new position in Plains GP in the 3rd quarter worth approximately $13,848,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in shares of Plains GP by 10.0% during the third quarter. Catalyst Capital Advisors LLC now owns 732,335 shares of the pipeline company’s stock worth $13,548,000 after buying an additional 66,690 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PAGP shares. Raymond James raised their price objective on shares of Plains GP from $23.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 28th. Wolfe Research upgraded shares of Plains GP from a “peer perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research report on Friday, January 10th. Barclays upped their price objective on shares of Plains GP from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Wells Fargo & Company downgraded Plains GP from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, December 18th. Finally, Morgan Stanley cut Plains GP from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $19.00 in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Plains GP has an average rating of “Hold” and a consensus target price of $20.60.

Plains GP Trading Up 0.4 %

PAGP stock opened at $21.41 on Thursday. Plains GP Holdings, L.P. has a 1-year low of $15.78 and a 1-year high of $22.31. 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 business’s 50 day moving average is $19.82 and its 200-day moving average is $19.05. The firm has a market cap of $4.23 billion, a P/E ratio of 25.19 and a beta of 1.58.

Plains GP (NYSE:PAGP) last released its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.21). Plains GP had a return on equity of 1.12% and a net margin of 0.33%. The company had revenue of $12.74 billion for the quarter, compared to analyst estimates of $13.17 billion. During the same quarter in the prior year, the company earned $0.15 earnings per share. Equities analysts anticipate that Plains GP Holdings, L.P. will post 0.83 earnings per share for the current fiscal year.

Plains GP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, January 31st. This is a positive change from Plains GP’s previous quarterly dividend of $0.32. This represents a $1.52 dividend on an annualized basis and a yield of 7.10%. Plains GP’s payout ratio is 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.