Raymond James Financial Services Advisors Inc. Sells 2,882 Shares of Plains GP Holdings, L.P. (NYSE:PAGP)

Raymond James Financial Services Advisors Inc. decreased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Get Rating) by 2.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 140,828 shares of the pipeline company’s stock after selling 2,882 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Plains GP were worth $1,752,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Meritage Portfolio Management increased its stake in Plains GP by 28.3% in the fourth quarter. Meritage Portfolio Management now owns 380,731 shares of the pipeline company’s stock worth $4,736,000 after purchasing an additional 84,076 shares during the period. Edge Capital Group LLC grew its holdings in shares of Plains GP by 34.2% in the fourth quarter. Edge Capital Group LLC now owns 37,709 shares of the pipeline company’s stock worth $469,000 after purchasing an additional 9,609 shares during the last quarter. CFO4Life L.P. bought a new stake in Plains GP during the 4th quarter valued at about $137,000. Ieq Capital LLC purchased a new stake in Plains GP in the 4th quarter valued at about $126,000. Finally, Oxbow Advisors LLC grew its stake in Plains GP by 337.7% in the 4th quarter. Oxbow Advisors LLC now owns 649,927 shares of the pipeline company’s stock worth $8,085,000 after acquiring an additional 501,430 shares in the last quarter. 83.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PAGP has been the subject of a number of research reports. Morgan Stanley boosted their price target on Plains GP from $16.00 to $17.00 in a report on Tuesday, April 25th. JPMorgan Chase & Co. lifted their price objective on Plains GP from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, March 9th. Raymond James upgraded shares of Plains GP from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $16.00 to $17.00 in a report on Friday, April 21st. StockNews.com initiated coverage on shares of Plains GP in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Mizuho increased their price objective on shares of Plains GP from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Plains GP has a consensus rating of “Moderate Buy” and an average target price of $15.73.

Insider Buying and Selling

In other news, CEO Willie Cw Chiang bought 75,000 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were purchased at an average price of $13.25 per share, for a total transaction of $993,750.00. Following the completion of the transaction, the chief executive officer now directly owns 256,704 shares in the company, valued at $3,401,328. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.77% of the stock is currently owned by company insiders.

Plains GP Price Performance

Shares of NYSE PAGP opened at $14.16 on Friday. Plains GP Holdings, L.P. has a fifty-two week low of $9.39 and a fifty-two week high of $14.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 0.95. The company has a market cap of $2.75 billion, a PE ratio of 12.87 and a beta of 1.63. The business has a 50-day simple moving average of $13.38 and a two-hundred day simple moving average of $13.10.

Plains GP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were paid a dividend of $0.2675 per share. The ex-dividend date of this dividend was Friday, April 28th. This represents a $1.07 dividend on an annualized basis and a yield of 7.56%. Plains GP’s payout ratio is 97.27%.

Plains GP Profile

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Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil, natural gas liquids and natural gas through its indirect investment in Plains All American Pipeline, L.P. The firm operates through the following segments: Transportation, Facilities and Supply and Logistics.