Victory Capital Management Inc. Trims Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Victory Capital Management Inc. lowered its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 20.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 829,670 shares of the pipeline company’s stock after selling 219,560 shares during the quarter. Victory Capital Management Inc.’s holdings in Plains GP were worth $15,349,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PAGP. Tortoise Capital Advisors L.L.C. increased its holdings in Plains GP by 6.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock worth $219,572,000 after acquiring an additional 703,158 shares in the last quarter. Chickasaw Capital Management LLC increased its holdings in Plains GP by 3.6% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,615,106 shares of the pipeline company’s stock worth $124,496,000 after acquiring an additional 232,644 shares in the last quarter. Westwood Holdings Group Inc. increased its holdings in Plains GP by 2.1% in the 2nd quarter. Westwood Holdings Group Inc. now owns 5,393,558 shares of the pipeline company’s stock worth $101,507,000 after acquiring an additional 113,098 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Plains GP by 1.2% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,373,000 shares of the pipeline company’s stock worth $80,900,000 after acquiring an additional 53,000 shares in the last quarter. Finally, Hennessy Advisors Inc. increased its holdings in Plains GP by 18.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 1,822,200 shares of the pipeline company’s stock worth $34,294,000 after acquiring an additional 279,100 shares in the last quarter. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Plains GP Trading Up 0.3 %

PAGP stock opened at $18.57 on Wednesday. The firm has a fifty day moving average price of $18.43 and a 200 day moving average price of $18.57. Plains GP Holdings, L.P. has a fifty-two week low of $14.93 and a fifty-two week high of $20.10. 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 firm has a market cap of $3.67 billion, a PE ratio of 21.85 and a beta of 1.54.

Plains GP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date was Thursday, October 31st. Plains GP’s dividend payout ratio (DPR) is presently 149.41%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PAGP shares. Wolfe Research raised shares of Plains GP to a “hold” rating in a report on Wednesday, September 18th. Morgan Stanley lowered 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 report on Friday, October 25th. Finally, StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.88.

Plains GP 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.