Swiss National Bank Decreases Stock Position in Plains GP Holdings, L.P. (NYSE:PAGP)

Swiss National Bank lessened its stake in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 385,034 shares of the pipeline company’s stock after selling 2,000 shares during the period. Swiss National Bank owned approximately 0.20% of Plains GP worth $7,123,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PAGP. Tortoise Capital Advisors L.L.C. raised its holdings in Plains GP by 6.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 11,666,947 shares of the pipeline company’s stock valued at $219,572,000 after buying an additional 703,158 shares during the period. Acadian Asset Management LLC purchased a new stake in Plains GP in the second quarter worth $11,442,000. SIR Capital Management L.P. purchased a new stake in Plains GP in the second quarter worth $8,849,000. Susquehanna Fundamental Investments LLC purchased a new stake in Plains GP in the second quarter worth $5,734,000. Finally, Hennessy Advisors Inc. increased its stake in Plains GP by 18.1% in the second quarter. Hennessy Advisors Inc. now owns 1,822,200 shares of the pipeline company’s stock worth $34,294,000 after purchasing an additional 279,100 shares during the period. Hedge funds and other institutional investors own 88.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PAGP. Wolfe Research upgraded Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Morgan Stanley lowered 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 research note on Friday, October 25th. Finally, StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.88.

Plains GP Stock Performance

Shares of Plains GP stock opened at $18.87 on Tuesday. Plains GP Holdings, L.P. has a 12 month low of $14.93 and a 12 month high of $20.10. The stock’s fifty day moving average price is $18.47 and its 200-day moving average price is $18.58. The firm has a market cap of $3.73 billion, a P/E ratio of 22.20 and a beta of 1.54. The company has a current ratio of 1.01, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Plains GP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.3175 per share. This represents a $1.27 dividend on an annualized basis and a yield of 6.73%. The ex-dividend date of this dividend was Thursday, October 31st. Plains GP’s payout ratio is currently 149.41%.

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.