Plains GP Holdings, L.P. (NYSE:PAGP) Holdings Decreased by ING Groep NV

ING Groep NV cut its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP) by 25.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 232,000 shares of the pipeline company’s stock after selling 78,000 shares during the quarter. ING Groep NV’s holdings in Plains GP were worth $4,292,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. ORG Partners LLC bought a new stake in shares of Plains GP in the 2nd quarter worth approximately $44,000. CWM LLC lifted its stake in Plains GP by 61.0% in the second quarter. CWM LLC now owns 3,028 shares of the pipeline company’s stock valued at $57,000 after buying an additional 1,147 shares during the last quarter. Hara Capital LLC acquired a new position in shares of Plains GP during the third quarter valued at $57,000. Unique Wealth Strategies LLC bought a new position in shares of Plains GP during the second quarter worth about $70,000. Finally, Eastern Bank acquired a new stake in shares of Plains GP in the 3rd quarter worth about $76,000. Institutional investors and hedge funds own 88.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PAGP. Wolfe Research raised shares of Plains GP to a “hold” rating in a research note on Wednesday, September 18th. Morgan Stanley downgraded Plains GP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $22.00 to $19.00 in a research report on Friday, October 25th. Finally, StockNews.com upgraded Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.88.

Plains GP Price Performance

Shares of NYSE:PAGP opened at $18.23 on Friday. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 21.45 and a beta of 1.54. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.01 and a quick ratio of 0.90. Plains GP Holdings, L.P. has a 12 month low of $14.93 and a 12 month high of $20.10. The stock’s 50 day moving average price is $18.44 and its 200 day moving average price is $18.56.

Plains GP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.3175 dividend. This represents a $1.27 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date was Thursday, October 31st. Plains GP’s dividend payout ratio is presently 149.41%.

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.